Paul Krugman says ...

8 Words of Wisdom for Week Ending 3/13/2009 #5

The benefits from nationalization come from (a) giving taxpayers a share of the upside rather than just a share of the downside, which is where we are now (b) ending the gaming of the system, even looting, that is encouraged by the current system of implicit guarantees (Simon Johnson has been very good on that) (c) making it politically and fiscally feasible to put in enough capital to revitalize the system.

Source - The Conscious of a Liberal

As a course of action, the FDIC takes banks into receivership all the time. A conservative considers their ideology. A liberal looks at what works, rather here or abroad, and tries to apply it to our own situation.