The Fed's Expectation for a Mild Recession

The boom that we've just had is without a doubt, the biggest boom we've ever had in a business cycle. We made so many mistakes during this everything bubble that it's impossible to correct them with a mild recession. In fact, I don't even think a mild recession is capable of solving the problem. See, that was the problem with the recession we had in 2001, 2002. That was a mild recession following the bursting of the dot com bubble.