Ridiculous. What definition of nationalize don't we know?
The U.S. government already owns the majority shares of Citibank and Bank of America. That is called nationalization by any definition. Former Sec'ty Treasurer Paulsen took non-voting preferred stock, in November, for 9% of the bank capital. Every other shareholder bailed out so the U.S. is now the majority shareholder. We can convert to voting shares any day we want; or we can give management orders without converting.
Now for the second half of the Phillips plan: guarantee all deposits of any size and guarantee all loans and lines of credit unless the underlying assets decline. The banks will come back to life and have $6 trillion in deposits in two months.
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