I mean, I laughed but
“The reality is that maybe the word ‘cycle’ is no longer even relevant, given that we have so much unconventional central-bank involvement.”
The moon-howlers over at Epsilon Theory are arguing that the Fed's reversal on rates is a sign that the fix is in and the economy will never allowed to be without stimulus ever again. The current argument amongst the newsletter-slingers is whether we're doomed to a mediocre, thin economy where the rich make marginal gains and the poor are eaten alive or whether the constant economic stimulus will eventually not be enough and the crash will be epic. So in a way, we're to the point where the argument is "Monetary theory can/can not prevent recessions forever" where credible people who oughtta know better are taking the "this time it's different" side of the bet.