An initial note: there is very little economic data this week. Some house price information gets updated tomorrow, and then on Wednesday we get a slew of data, including Q3 corporate profits, jobless claims, new home sales, durable goods orders, and personal income and spending. That’s probably worth two days’ of posts, at least one of which will probably be at Seeking Alpha.
Shorter version: don’t be surprised by light posting here this week!
In the meantime, as we wait to see whether the GOP Michigan and Pennsylvania legislatures will officially turn the United States into a banana republic, here are a couple of quotes worth your noting about Legislative and Executive power. Bolded sections are my emphasis.
John Locke, in his Second Treatise of Government, held that the Legislature must be the supreme authority in all well-ordered republics. But because it was not necessary, not beneficial, for the Legislature to sit permanently, there must be a permanent Executive power to enforce the laws at all times, including the use of “prerogative,” i.e., discretion:
Sect. 134. The … first and fundamental positive law of all commonwealths is the establishing of the legislative power…. This legislative is not only the supreme power of the commonwealth, but sacred and unalterable in the hands where the community have once placed it; nor can any edict of any body else, in what form soever conceived, or by what power soever backed, have the force and obligation of a law, which has not its sanction from that legislative which the public has chosen and appointed…; and therefore all the obedience, which by the most solemn ties any one can be obliged to pay, ultimately terminates in this supreme power, and is directed by those laws which it enacts: