This is an oddly accurate assessment. Why wasn’t anyone saying this four years ago? Or, more pertinently, why wasn’t anyone listening.
I suppose it’s easier to say now that it’s not an emergency, fire is not raining from the heavens, and responsible government office owls are not threatening people with martial law to get their way.
Our knee jerk reaction in times of crisis is to Do Something, which means government doing something. So long as monetary policy can reliably produce crises, and it will, they can blame the market and subsume us all under the iron fist of help.
My Forbes page and book are both titled The Courage to do Nothing for that very reason. It takes courage for politicians to do nothing.