WHY IT IS NEEDED: In the fall of 2008, the US Congress passed and President Bush signed a $650 billion dollar "bailout" bill of the major American banks that were struggling from a lack of revenue due to the banks involvement in offering interest only loans to people who could not afford to pay them back.  At the beginning of 2009, the US Congress passed and President Obama signed an additional "bailout" bill valued at more than $650 billion dollars to further help a number of American banks from failing.  In March of 2009 the Treasury Department provided $1 trillion dollars more to these institutions in an attempt to "unfreeze" the credit markets and get banks to begin loaning money again.

HOW IT WILL BE DONE: We propose nationalizing all banks that have received "bailout" money from the federal government.  Nationalizing the banks by the federal government will force these institutions to work in the interests of the American people and not in the narrow self-interests of a few individuals. The cost to American taxpayers will be nothing beyond the money already spent on the bailout.  Indeed, the "bailout" money will be considered "payment in full" to the major share-holders for the United States' purchase and nationalization of the banks.