To look into the economic fog from different angles, CBS News' chief political analyst and senior national correspondent John Dickerson turned to the pros.
fell for the second straight quarter, a signal that the economy may be in a recession, though we'll have to wait months to see if economists assign that formal term.
"In most recessions, you don't have a soft landing," Blankfein said."The Fed tightens and jobs are lost, companies not only reduce their hiring plans, they shrink. We're starting from a different place. The financial system is in good shape. There's more jobs than there are people to fill those jobs."
"That's the category that is the most difficult," Singletary said."It makes me tear up because people are like, 'Well, what do you advise for them?' I wish I had a pat answer, but I don't, other than, 'You've got to spend smarter. Save whatever you can. And perhaps, housing, that's one of the biggest areas of people's budget. If you can, live with someone or have a roommate.
"Those are the folks we need to not panic because we need you to spend," Singletary said."We need you to go out to the restaurants. And when you go out, tip that server more than 20%. You know, be generous. You can afford to be generous. Because if they pull back, the very thing that we're trying to avoid, which is a deep recession, will happen.""We might go into a recession, we might not.
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