Former Goldman CEO Warns of Potential Recession: 'Very, Very High Risk Factor'

Appearing on CBS’s Face the Nation, former Goldman Sachs CEO Lloyd Blankfein warned the United States could plunge into a recession.

A transcript is as follows:

MARGARET BRENNAN: Do you think we’re headed towards recession?

LLOYD BLANKFEIN: We’re certainly heading — it’s a very, very high risk factor. There’s a path, a narrow path, but I think the Fed has very powerful tools. It’s hard to finely tune them and hard to see the effects of them quickly enough to alter it. But I think they are responding well. It’s definitely a risk. If I was running a big company I would be very prepared for it. If I was a consumer, I would prepared for it. But it’s not baked in the cake.