What if the economic recession had centered around corporations that were not considered "too big too fail", that weren't subject to government interference, or even that were subject to less interference than others that were doing just fine until they were caught in the wave of the recession? That would blow Austrian theory right out of the water. It is falsifiable, it describes economic systems that it predicts will not systematically suffer periodic recessions. If such a system were tried, and it did experience a boom-bust cycle, then Austrian economics would be wrong. If we, in our current economic conditions, stopped all bailouts and let the big banks fail, and the smaller banks that did not participate in the lending mess do not expand to fill the abandoned economic niche, then Austrian economics would be wrong.

Contrast that with the Keynesians, who will claim, if the bailouts and government stimulus do not revive the economy, that they were not big enough.