Saving Banks Without Nationalization

Obama's government is trying to walk a thin line with regard to nationalization; they want to support banks without actually acquiring them. This is made difficult because the banks aren't currently worth very much, so it's hard to buy stock without taking over the bank.

The irony here is that the opposition to government involvement is mainly ideological; the article cites the fear of Geithner, Summers, and others that banks owned by the government will make decisions not in their financial interest. Yet the banks have done a poor job of managing their financial interest on their own. I'm not sure the fear of government intervention is justified... since we're already accepting that the banks can't fail, and thus bailing them out rather than allowing the market to take its course, why not take the extra step of nationalization to ensure the bailout money is spent in ways that the American people approve of?