Jan Hatzius Versus Abby Joseph Cohen

Yesterday the chief economist for Goldman Sachs, Jan Hatzius, reportedly said that the chances of the U.S. sliding back into a recession are between 25 and 30 percent. Today he is out with a note describing our economic prospects as being either "fairly bad" or "very bad."

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This contrasts starkly with what Abby Joseph Cohen, the president of Goldman's Global Markets Group, told Larry Kudlow the other day.

"Double dip, while it can’t be ruled out, is extremely unlikely,” Cohen said. “We are in for a period of slow growth, but not another recession.”

One thing is certain: either way Goldman Sachs can claim it correctly called the direction of the economy.