This cycle has been going on since the beginning. Most important,
the cycle has a negative feedback loop. Changing the
temperature conditions in one direction tends to cause the system to move back
in the other direction.
If the Earth is very warm, there is additional evaporation, cloud
formation and rain, increasing the weathering and the removal of CO2
from the surface rocks and atmosphere. Sedementation rates are higher,
too, but subduction (and volcanic outgassing) does not increase. In the end,
the effective removal of CO2 from the atmosphere, without a
corresponding increase in volcanism to replace it, reduces the greenhouse
warming. The Earth will cool off.
If the Earth is very cold, most of the water and oceans are frozen over.
There will be relatively little weathering or corrosive rain to wash
the CO2 out of the atmosphere and rocks and onto the ocean floor.
However, subduction zones and volcanism would continue to supply additional
CO2 to the atmosphere, until the build up created such a large
greenhouse effect, the Earth would warm up and its water would melt.
In this way, the oceans and volcanism kept the Earth at a very similar temperature, allowing for liquid water (not too hot, not too cool), even in the first billion years when the Sun was not as bright. Burning of fossil fuels has changed this balance in recent years, and may be leading to a heighten recent warming. See the American Geophysical Unions recent position on this issue here.