Mohamed El-Erian is the CEO and co-CIO of PIMCO,[1] a global investment management firm and one of the world’s largest bond investors with approximately US$1.34 trillion of assets under management was reported on an interview with Bloomberg today to have said

Let me tell you what I find most terrifying: we’re having this discussion about a risk of recession at a time when unemployment is already too high, at a time when a quarter of homeowners are underwater on their mortgages, at a time when the fiscal deficit is 9%, a time when interest rates are at zero. These are all conditions coming out of a recession, not going into a recession.

We put the chance of a recession at one-third to one half, which is really high given initial conditions.e 

The full article can be found on Bloomberg.