roger altman, former treasury secretary.e street" continues after a quick break. >>> veteran market watchers say the current market is getting flashbacks to the 1980s. find out what that means on traigt tradingnation.cnbc.com more "squawk on the street" coming up. >>> let's get to rick santelli in chicago. >> hi, carl, thank you i'd like to welcome the deputy chief economist of goshe bank. thank you for joining me this morning. >> good morning. >> good morning. all right, here's theway i see it 2017 was really a wildeer for markets to the upside, globalized synchronized growth started to give way as we entered the third section of 2018 right after of the big january rally. next we know it's diverging. then we get a whole lot of market volatility. it's straight and now we go to must be a recession that has to follow do you agree that logic, brett if you do tell me why and if you don't tell me why. >> well, i don't think a slow down is being conflated with recession the two are very distinct things we and most of the economic

and then you have this noise of mnuchin, and i agree with roger atman th altman that it was poor messagingit was just poor messaging overall to a fragile market to begin with >> let's bring in some more voices let's bring in peter boockvar now on the phone this ugly close on christmas eve holiday shortened day, peter, what stood out to you amid the selling? >> putting aside the fundamental factors which we all know that is impacting markets, you have the technical factors. the first time in ten years you have taxes, people worrying about redemptions. there's a lot of people raising cash to meet redemptions this time of year every human emotion gets exacerbated no one wants to miss around on the upside, everyone wants to run out the door for the down side december dollars are precious when a money manager is managed. what you have been addressing for the fundamental reasons, certainly a lot of legitimate reasons for the selling. >> peter, talk to us about the u.s. economy itself. we were discussing that with roger. in the last three months, we've seen this u.s. equity market selloff pick up