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Still, China's motive was similar: to keep credit flowing through the financial markets.
It has also applied all sorts of unconventional measures to keep credit from drying up.
Some major studios, like Warner Brothers, are known for working to keep credit creep from occurring.
But if the economy is to escape a really serious recession, the banks must keep credit flowing to businesses.
And like the Bank of Japan, they slashed interest rates and took extraordinary measures to try to keep credit flowing.
They should also worry the businesses and households that need a healthy banking system to keep credit flowing.
If the aim, however, is to keep credit bubbles from forming, the plan may not go far enough.
"If we can keep credit flowing, that's what's going to get our dealers through this," Mr. Fleming said.
But he agreed that the state was now "chasing all over the place" for cash, repeatedly urging banks to keep credit flowing.
"He's been strong-arming all the local banks to keep credit lines open," said a Western diplomat here who was not authorized to speak publicly.
The central bank denies this, but at the time governments were rightly desperate to bolster confidence in banks and keep credit flowing.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com