Carol Massar

So you write that it would have been viewed as completely unacceptable for Bill Clinton, George W. Bush, or Barack Obama to ask his attorney general or the DOJ to go after enemies.

It would also have been considered beyond the pale for a president to invoke what you describe as a poorly documented crime emergency as a pretext for sending the National Guard into US cities, or for a president to continue to be involved in his family business while in office.

Why is it being viewed, at least by members of Congress, Republicans in Congress, as acceptable for President Trump to do these things?

So then I'm trying to understand.

And one thing that we do each and every day is we look at the markets and we look at market reaction to these things.

And I think a lot of people have been surprised that we haven't necessarily seen a bond market reaction to some of these moves.

Markets were and have been kind of seen as a backstop here to at least some of the things that the president has said he will do or wants to do.

Do you think they're reacting to his decisions or do you think they're saying,

hey, it's all fine and good, at least up until now.

You know, you've studied a lot and part of your study has included the strength of institutions and the relationship between economic prosperity and the strength of these institutions.

And on the implications of this for the United States, it's widely seen as an area of the world that has had transparency.

It has markets that people pay a premium for as a result of that transparency, as a result of the regulatory environment.

And I'm wondering, kind of to build on Carol's question, what that means for the future of the U.S.

economy if these norms are indeed shattered permanently, or at least in the near future.

Bloomberg Audio Studios, podcasts, radio, news.

Carol Master along with Tim Stenevik live in our Bloomberg Interactive Broker Studio.

We all just listened to Jamie Dimon on Bloomberg.

JP Morgan, by the way, featured very prominently in a new book out on the 1929 market crash.

And this feels like kind of the right conversation to be having at this moment in time when certain investing narratives dominate investing.

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