Nationalization Is A Great American Tradition
This country has a long history of nationalization. During World War I and II, the federal government took control of radio, railroads, coal mines and more. In 1984, the government took 80% ownership in the failing Continental Illinois bank, which remained nationalized until 1991. The Bush administration took similar action to bail out banks in 2008. Many of these nationalization efforts were temporary, and companies that tolerated government control during crisis eventually wanted the reins back. But there are (inevitably) new crises to come, and some nationalizations — such as the largely voluntary transfer of private passenger rail to Amtrak in the 1970s — have had staying power.