NahnCee asked:

“Why is it a bad thing if the banking system is nationalized?”

Again, I have no expertise in this area. However I have read financial experts saying that by assuming this huge debt, the US Federal government is in danger of reducing its own credit rating. Should this happen then it would cost the US more to acquire loans on the international market and negatively impact the value of the dollar. It is my understanding that the Federal Reserve had no option but to nationalize the banking debt because a dominoe effect was just starting to take place. It is also my understanding that the failure of the Federal Reserve to take similar action in 1929 was what percipitated the Great Depression.