Now that the U.S. debt deal has come and gone, the focus has turned back to the American and global economies. The picture does not look pretty, and markets have taken notice. Stock indexes continue to tumble Thursday, with the S&P 500, the Dow and the Nasdaq falling more than 2 percent.

After last week's shocking GDP data and this week's soft manufacturing data and worse-than-expected consumer spending numbers, there's been renewed talk of another round of quantitative easing -- the Federal Reserve's stimulus program to spur growth by buying up government bonds.

Lance Roberts, CEO and chief strategist of Streettalk Advisors, says there is nothing more certain the QE3 and the potential for another recession. "The trend of the data is all negative, so barring any quantitative easing program from the Fed, we will probably be in a recession by the end of the year."

Roberts is of the mind that the Fed will step in to help stave off another recession, but the potential for it to work after QE1 and QE2 is not great due to the law of diminishing returns.

To top that off, he says markets, not consumers, will feel all the benefits if QE3 should come to pass. Consumers will actually take a beating because commodity prices -- oil and food prices -- will jump as the Fed pumps more dollars into the economy.

If it were up to Roberts, economic and job growth would come from keeping taxes low and taking "the breaks off oil and gas drilling," which he says would create an immediate 3 million jobs.