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Madison Didn’t Predict the Market as the Last Check on Power

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Madison Didn’t Predict the Market as the Last Check on Power
Stock brokers are seen at the stock exchange in New York on Friday Oct. 25, 1929, as panic shares selling continues from the previous day. It was the day the stock exchange crashed and broke loose a world wide recession and financial crisis and thus was termed “Black Friday.” Associated Press, Public Domain
Jerome Gessaroli
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Commentary

The U.S. constitutional system of checks and balances, designed to stop any individual or institution from accumulating excessive power, has been compromised. Over time, Congress has delegated significant authority to the executive branch, including the power to appoint agency heads, execute policy-directing executive orders, act unilaterally on diplomatic and military matters, control the federal bureaucracy, and exert broad authority over trade relations.

Jerome Gessaroli
Jerome Gessaroli
Author
Jerome Gessaroli is a senior fellow with the Macdonald Laurier Institute. He writes on economic and environmental matters, from a market-based principles perspective. Jerome teaches full-time at the British Columbia Institute of Technology’s School of Business, courses in corporate finance, security analysis, and advanced finance. He was also a visiting lecturer at Simon Fraser University’s Beedie School of Business, teaching into their undergraduate and executive MBA programs.