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Additional help was given to the poor farmers in the form of loans at very low rates of interest or no interest at all.

It has done nothing to reduce the enormous subsidies in the form of cheap credit to favored state-owned firms.

During the economic recovery, I'd been arguing that we're looking at a low profit or even profitless recovery for the same reason.

Those interventions, by shoring up stockmarkets with cheap money, have made life even more difficult for the bears.

Cheap money results in excessive bank lending and poor investment decisions, which could lead to an increase in non-performing loans.

And in any case the conventional strategy of lower rates may not be strong enough as long as banks continue to restrict credit.

But money is money, so the infusion of cheap credit will help the carmakers pay their bills next year.

It has access to cheap finance. It can ignore its share price, since its majority shareholder, the government, is onside.

Also, to stimulate the economy, the government should back low interest loans. Uh, this is for housing, cars, big-ticket items.