Not really. It means that federal government is backstopping certain types of debt. This ensures that market liquidity happens such that mid-tier companies without ease of access to capital can access capital at lower interest rates.

With the fed backstopping debt, they're effectively the debtholder for these smaller companies - so yet it's a bailout. However, unlike when the fed took actual stakes in GM and Chrysler they don't hold shares. They merely receive the interest payments and coupons on the associated debt.

It's pretty hard to argue that there's EVER been market based capitalism. Much like communism, it's a bogey that has never actually existing - instead we have systems similar to them.