Having studied control theory I think it makes perfect sense. When trying to make a system target a new level it's quite natural for there to be overshoot that needs to be reigned in. It's also natural for the correction to go too far and need to be corrected in turn. This is not indicative of stupidity it's completely normal.

It would only be laughable if they waited way too long to reverse course, but I don't think that's the case.