I too am a small state kinda guy but I do believe a recession is necessary to purge the economy of the excess accumulated through the boom. Job losses are bad and have a terrible effect on the mentality of a country but that contrasts with the insane euphoria of a boom which people need to come down from. Without a crash people look for greater highs and the excesses of the previous boom are propped up by bad monetary policy. Eventually it has to end in tears and much worse than before.
Watching labour spend everything and more during a boom was as disappointing as watching your well behaved child go nuts in a sweet shop. And of course nobody wants to cut back even though we couldnt afford the bribes in the first place. That money invested and saved could have provided a much better cushion when the recession hit. Personally I would like to see personal and business tax and regulation reduced when a recession hits to allow new businesses to take the place of the failing excesses. Losing a job hurts until you get a new one.