All true.

The Fed has labored mightily to try to forestall or vanquish the "long wave" cycle in economics, sometimes called the "K-wave" - this is the Great Depression debt deflation wave that is effectively the "jubilee" of long-ago times, when profligate lenders get their reckoning.

Economists, as it turns out, know nothing about macro-level economics. They're fools to think that they can not only predict macro-level trends/cycles, but that they can actually tame or control these macro-level issues.