Problem is...depressions pave the way for demogogues...like the Obama plan on steroids.
And again, there are a bazillion Democrats out there who would swear on a stake of Bibles that the only thing that kept us from going into a depression was Obama's stimulus, and that anyone who opposed the program wanted the U.S. economy to crash. There is no more way of proving them wrong that there is of showing that a lack of TARP would have caused a depression.
And also again, that does not explain the wild spending Bush did during the first 7 years of his administration.