A nit I'd like to pick is also that China has a vastly smaller PPP adjusted total GDP. So even four times the number of people, even a guaranteed loan program t

A nit I'd like to pick is also that China has a vastly smaller PPP adjusted total GDP. So even four times the number of people, even a guaranteed loan program the size of TARP would be a larger intervention. To digress a little bit, I know this may be heresy, but TARP was the single most courageous and under appreciated accomplishment of the G.W. Bush administration. It's an economic miracle that when push came to shove, suddenly we were all Keynesians again.