Charles Biderman, CEO of TrimTabs Asset Management, bluntly says a hike will push the nation into recession.

“And if the Fed does raise, it will kick the stock market into low gear or take it down a lot, and it will also slow the economy and put it into recession, next year being an election year," he predicted to CNBC.

"We'll start next year with lower stock prices and a slower economy,” he said.

"When interest rates go up, costs of doing business goes up. We're having an economy that's barely growing at all that has to slow the economy," he explained.

"Higher interest rates create higher costs in real estate, create higher cost in the automobile industry for financing all these things. That will slow the economy."

A slowdown in international trade could be a harbinger of a new recession for the world's leading economies, a leading global policy organization warned Monday.

The Organization for Economic Cooperation and Development says trade figures are worrisome because the stagnating or declining rates of trade seen this year "have, in the past, been associated with global recession," the AP reported.

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