October 10, 2008

Secretary Paulson Implements the Regulatory Act of 1773

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The news is out: US to buy stakes in banks, first since Depression.

An Act For Establishing Certain Regulations For The Better Management Of The Affairs Of The East India Company, As Well In India As In Europe US Banking System

Whereas the several powers and authorities granted by charters to the united company of merchants in England trading to the East Indies to banking companies have been found, by experience, not to have sufficient force and efficacy to prevent various abuses which have prevailed in the government and administration of the affairs of the said united company, as well at home as in India abroad, to the manifest injury of the public credit, and of the commercial interests of the said company; and it is therefore become highly expedient that certain further regulations, better adapted to their present circumstances and condition, should be provided and established: ...

By these acts is established the United States of America Company.  We are all mercantilists now.  Auspico Presidentis et Senatus Americaniae.