Daron Acemoglu

Those were the things that constrained presidents.

And if today those constraints were working well, we wouldn't be in this turmoil in terms of

the domestic situation.

And part of the concern is that right now, it's really the parts of the judicial branch that are standing up against Trump, indeed.

But that's

That's got its limits because there are a lot of Trump appointees and the Supreme Court with lots of Republican and Trump appointees hasn't really taken a very strong stance either.

So all of these are piling up and taking us more and more to a situation where I think many of the former sort of presidents or constitutional scholars would find very scary because the structure of U.S.

government wasn't meant to function this way.

Yeah, it is hard to understand why the markets haven't reacted more because some of the effects are already seen, say, from the tariffs.

And indeed, people talk about the bond market now because the stock market hasn't reacted.

But I think that just really underlies that

You know, the stock market is not the fifth branch of government.

It's not really a hard constraint in the same way that the other ones were supposed to be on the sort of centralization of power in the hands of one person or one group.

And the tariff debacle

demonstrates that the administration is much bolder and is willing to take actions that could lead to market reactions, at least in the short run.

Now, some people are saying, oh, it's the bond market really that we need to watch out for.

I don't know why, you know, right now the bond market

would be much more important than the stock market.

In some sense, both of them are things that both the administration and the business community are watching.

But I wouldn't bet on the market mechanism being a strong enough