CNBC’s Rick Santelli said this morning that this quarter isn’t shaping up a good quarter and that many see a recession coming.

He agrees and said he doesn’t see a way to avoid a recession.

Watch:

Santelli said point blank that we’re not really in a banking crisis. Rather he said we’re in a Fed crisis and a “rate hike” crisis.

With his comments about a pending recession coming, I’m sure the White House won’t be happy about it.

They will just change the definition of ‘recession’ like they did last time, so that they can claim we aren’t in a recession and their acolytes in the media will follow suit.