In other words, what if the government did not bailout the economy important organs: the banks and the auto industry.
With a real bankruptcy of GM, there would be a real reorganization with a Chapter 11 filing.
It's not the end of the World.
before the Big Three, Railroad companies would do this frequently.
And not bailing out the Investment Banks that OD'ed on bad subprime 'nothing down' loans, and the bundles and derivatives of them,,
well, the Government could have got the velocity of Money moving by direct payments to everyone who filed a 1040 in 2007, and that would have cost less than throwing money at Wall Street Banksters, with the hope they would loan some of that to the Plebes.
As above, 25 Banks failed in 2008, $32B IndyMac, who died by the sword of Subprime loads they loved for the previous decade, to tiny banks, with a few Million in assets. 1929 had around 800 Banks collapse. Most Bank were in good shape in 2009, compared to the 1930s where around half of the Nations Banks, just under 10,000, were primed to fail as FDR called for the unprecedented nationwide Bank Holiday
Yes, there would be more big money types jumping out of windows in 2009 Manhattan than OTL by letting more Investment Banks go the of Lehmans, or with the cheap buyout of Bear Stearns by a healthier Bank
I could live with all that, as that TL would be likely to have real PerpWalks and Suits going behind Bars.