Is the Fed Declaring an Official Recession?

Peter Krause: I think we're in already a form of recession. We've seen the hit areas like housing to certain segments within the good side of the economy. Other narrative driven speculation driven areas like heavily shorted stocks, non profitable have gotten not just pricked but they sort of popped in spectacular fashion. He says this is a different world than we've seen for several years now and that speculative excess had not fully filtered into traditional market areas.