You got that EXACTLY right. NO CONSEQUENCES. When I was a kid, there were no freaking "time outs." You got your ass smacked. Kids now days have nothing to worry about or fear. Get a spanking, tell teacher, mom and day go to jail. None of that when we were kids that is for sure. Call a cop on my dad, the cop would probably have held you while pop smacked your ass some more. Kids doing some of the things they do now, they know there are no consequences for their actions. The BLAME will be on someone or something else. TV, games, mom and dad's drinking/drug use, mom and dad having no time for them because it is taking mom and dad to both work to let kid have all the crap kid wants to keep whining kid happy.
I asked my daughter what she thought of "time outs" when she was four years old. She told me she thought they were "stupid". I then asked her which was worse, a "time out" or a spanking. "SPANKING" - she "HATED" them.
I view parents who use this silly "time out" as "STUPID" and irresponsible.
God has it right -
Prov. 13:24
[24] He that spareth his rod hateth his son: but he that loveth him chasteneth him betimes.