National Debt and China

There's much angst about the massive debt we owe China, and rightly so. In October 2008 we owed China $684.1 billions. By October 2010 we owed China $906.8 billions. That's a 32.6% increase in only two years. Our total debt to all debtor nations is $4.312 trillions. Why the sudden increase in our debt obligations? Spending and more spending. Where does it stop? Who got all those $billions of stimulus giveaways? What was the results? Shouldn't there be an accounting of who got the money and what they did with it? And, what do we do if China decides to call in our debt? Does China owe us anything? Didn't we save their butts in WW II? I'm sure when the war turned in our favor and we were hammering the Japan homeland they would have been happy to make a deal to end the war where they would give up the Philippines and their conquests in the South Pacific and we would give them China. Didn't we give money to China after the war until the Communists took over? Beginning with Nixon's trip to China and perpetrated by the succeeding administrations didn't we give China favorable trade agreements? Haven't we also since Clinton given China industrial, defense, and space technology? How much did China pay us for all that? Where is the equity? But, then my old dear departed father always said, "Life isn't meant to be fair."