You use the word 'reversion' as though it was an a

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You use the word 'reversion' as though it was an automatic response, as though it was a sure thing. Everything I've read suggests we were very close to slipping into a depression.

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Reversion: a return to a previous state, practice, or belief.

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So no, I don't buy that things were going turn out all right with no intervention by government.

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There have been recessions and depressions in the past in which a federal tax never even existed and no bailout occured. i.e. The Long Depression.

"The more numerous any assembly may be, of whatever characters composed, the greater is known to be the ascendancy of passion over reason." - Federalist no. 58