Oh, plenty of business “geniuses” make some pretty boneheaded moves, especially when they feel a need to try to produce huge growth after saturating a market, or if their business results somehow fall short of some need (either actually losing money, or some arbitrary self-imposed “goal” not being hit).
Currently there’s an epidemic of businesses making some pretty dubious long term decisions for the sake of trying to prop up numbers amidst a receding market reality. Recessions are, in part, a self-fulfilling prophecy, where whatever impetus exists, it’s exacerbated by every participant screwing things up further.