This is what Sweden did during the 90’s and what Nouriel of the Stein Business School of NYU is suggesting is needed.
It will be a reset button for the financial system and get credit going again and be possibly less painful then letting the banks fail and the FDIC coming in to insure people’s deposits.
Of course the major problem is that is a massive expansion of government that the democrats will use to shovel more pork and patronage down the throats of the American people.
If this were to be implemented there needs to be a check on this massive expansion of Federal power, probably a national referendum to end government control at the next election.
There needs to be, but do you honestly believe there ever will be?