> I'm wondering this is why there had been no recession past the entire decade and very likely none ahead.

I'm taking your "we've solved the business cycle!" comment as my sell signal. Everything is rosy until it isn't. I have a very opposite, pessimistic view, that this great fear of even the slightest downtown means we're just putting off the day of reckoning until it really comes crashing down.

The fact is the prosperity of the past 10 years has come with huge and growing imbalances that can't continue ad infinitum. Deficits are gigantic, and at some point all this money we've been lending will require higher interest rates for people to buy our bonds. When that happens, watch out.