[allworknoplay]

Emissions are not down -- they've just been exported. The analysis you're looking at is a common one, but it's a shell game. Plenty has been written on this topic and on actual, hard, ecological limits we face; the book I recommended above also covers this.

Capitalism is obviously not "fine" with recessions -- we dump enormous amounts of money into the economy when they occur in an attempt to stimulate it, and inequality tends to widen permanently in the absence of policies to counteract this.