Echoing Jim Cramer's infamous 2007 "they know nothing" rant, a far more calm and eloquent Barry Sternlicht, Chairman and CEO of Starwood Capital, warned the co-anchors on CNBC this morning that if the Fed doesn't pump the brakes on its rate hikes, the US economy is facing a serious downturn.

"The economy is braking hard," Sternlicht told the outlet.

"If the Fed keeps this up, they are going to have a serious recession and people will lose their jobs."

He was proved right very quickly as The Atlanta Fed cut its GDP forecast for Q3 to just +0.5%...