The recessions you circled were caused by shocking events: 9/11 in 2001; the housing crisis in 2009 and of course the pandemic in 2020. I believe that the FED regardless of minor missteps is increasingly adept at managing the economy with interest rates and quantitative easing. I think the next economic shock will be the advent of the age of automation. which will lead to high unemployment. Great piece! Loved reading it and subscribed to your newsletter. :)