Insana's insane request: Fed rate at 1%

Ron Insana used to wear a toupee. Wig. Hairpiece. But now he runs a hedge fund, looks sharp without the fake hair, and tells CNBC (Dennis Neill and Melissa Lee) that we're in for a potentially hazardous recession. Maybe one of the worst of the past 25 years.

The Fed, he explained, has been inadequate to respond. Insana thinks the Fed should slash the rate to 1% if necessary. Now that's insane and intelligent.