Nationalizing the banks

[woodstockbirdybird]

So, while waiting for this recession to be upgraded (downgraded?) to a depression, my GF and I were discussing the whole sorry state of affairs last night and she brought up nationalizing the banks. I realize posters who are libertarians/"the free market rules!"-ers (couldn't think of a more succint phrase, sorry) consider this tantamount to bombing the Liberty Bell, but how could it possibly be any worse than throwing trillions in bailout cash at these bitches? Now, I freely admit I'm an utter moron when it comes to matters economic, so none of these questions are intended to be snarky. But what would be the disadvantages to nationalizing the banks, even temporarily? Would it help the economy or hurt it, and why? And how do all the "free market rules!"-ers feel about the bailouts? How can they reconcile it with their ideology? Or do they pretty much roundly denounce it? Thanks for humoring me here.