Flex Builder 2: Installed Flash Player is Not a Debugger

(TechNote) When you run Flex Builder 2 in debug mode you may receive an error “Installed Flash Player is Not a Debugger. Flex Builder cannot locate the required debug version of the Flash Player. You may need to install the debug version of the Flash Player 9.0 or reinstall Flex Builder. Do you want to try to debug with the current version?”