Instead of “bubble” or “collapse,” it uses “valuation pressures” and “broad adjustment in prices.” Business debt, not consumer debt, is the bogeyman this time.
http://wolfstreet.com/2018/12/02/the-fed-explains-why-its-raising-rates-to-prevent-financial-crisis-2/

Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.