If only we had paid down more debt, or dissolved the FDIC, or x or y or z, we could have avoided this predicament. Just like a broken clock, Davidson sooner or later will be right. But virtually everything he has written so far in the way of predictions has been horribly wrong. You obviously worship in a different church than I do, and you may very well be attending the Church of the One True Light. But just in case it isn't, I wouldn't recommend sending Reverend Jim all your life savings.
Recessions are unavoidable.
The boom-bust cycle has not been repealed. Davidson is only one of a number who have written about the recurrence of major crashes. Mainstream economists look for funding and most grants do not focus on distribution. If you look at the debt burden you might be a Populist or something worse. So my theory of longwaves rests on this simple explanation of why the profession looks the other way until it's too late.