Was the “bailout” needed?
The line indicates commercial loans at an all time high.
Down a bit from last year, to approximately 2004 levels.
The difference seems to be $190 billion (by eyeballing the chart).
Also note big the much larger dip, both in % and total, after 9/11… hmmm no bailout then.
I surmise the difference was it happened 1 month before an election.
This was a PANIC bailout by politicians worrying about their career, not us or the US.