We're in for a Hard Economic Downturn

Economist Glenn Hubbard says it's likely we will see a recession if the Federal Reserve pursues its path to get to 2% inflation relatively quickly. Some of us will get laid off, which Morgan Stanley's Mike Wilson says is necessary and could actually be a good sign for investors. Goldman Sachs CEO David Solomon says that at least some of his bankers should expect cuts in compensation over and above what inflation is doing.