Let's say in 1998 when LTCM collapsed, the Fed did absolutely nothing. If any banks collapsed due to LTCM, nothing was done as well. How would history have changed from that point on? The Tech Bubble would not have happened. The Housing Bubble was also not have happened. The Dow would have never seen 5 digits (Dow 10,000 first came about in 1999 in the current world.) A recession would have absolutely happened.. would it have been a depression? Severe recession? More/less severe than the 2008 - present one? Where would we be in 2011?