We need a coherent plan for dealing with troubled companies, not just the financials but also the automakers that have borrowed federal money like General Motors and Chrysler.

If you ask me, we should nationalize everything we can get our hands on.

If the government can come up with a half-way decent reason for seizing a company, it should do it.

People have been looking at this problem entirely from the wrong angle. Everyone wants to know the best way to save the banks, the best way to save the life insurance companies that took TARP money, the best way to save the autos. I want to know how we can profit, as a nation, from the trouble all of these companies are in.

We have a unique opportunity here to buy low, nationalizing as many companies as we can now at little cost, and then sell high at some point in the future when the economy recovers. In a couple of years taxpayers could make a fortune on IPOs of companies that the government seizes now. It goes without saying that nationalization will let us fix-up the companies that need fixing, but the important point is that it's the way to do it with the most upside for you and me.

Now some people may object that governments don't do a good job running private companies. In general, I'm sure that's true, but we could hardly do a worse job than private sector's already done. If the state is going to bail out these companies, the state should be the entity that reaps the rewards, not existing shareholders.

We gave free enterprise a shot, now it's time try a different solution.

Questions? Comments? Send them to millennialmoney@cnbc.com