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I am considering a TL where the two party system fails in the US in the late 90s-early 21st century.

One of the events in the TL is that the auto industry and the banking industry don't get the bailouts they needed to keep themselves afloat. Also, a Republican President is elected in 2008 who pushes for large tax cuts rather then an Obama-style stimulus.

How much worse could the economy have gotten if the banks hadn't been thrown a lifeline, the auto industry had collapsed entirely, and there was no stimulus?
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