A nit I&#x27;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.<p>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.<p>It&#x27;s an economic miracle that when push came to shove, suddenly we were all Keynesians again.