Eisman started the interview by mentioning the downturn in global PMIs, a sign that the developed world has already entered a manufacturing recession.
And even if this metastasizes into a global recession in the coming months – something Eisman believes is certainly possible – the downturn won't be nearly as devastating as the devastating recession that followed the financial crisis. For one, the financial system is a lot more secure than it was in 2007, Eisman says.
"There's not a question that we're in a global industrial slowdown…whether that will translate into a global recession is open for debate."
"Even if it does become a recession, we're not going to have the systemic blowout that we had last time because the banks are just much healthier."