For those of you keeping track, the latest line of thinking to emerge from the elite expert class is that what we are experiencing in the GNP is not a recession, but rather a transitory slowdown that will bring inflation under control and won't have the impact that recession normally does.
What amazes me about the Iraq War, the 2008 crisis, and COVID is that they don't understand once they unleash these forces, they take on a life of their own, and who knows where it all lands. It's like a little boy releasing a ton of marbles in the air and thinking they will all land gently inside of the circle, instead of banging against each other into god knows what direction.
The one thing I'll never understand about the COVID reaction or these other crisis is the hubris: the belief that somehow we finally know enough that we can actually control things. As if our thousands of years of experience within civilization has melted away because we finally have met some level of perfection.