CNBC's "SquawkBox" features Sam Zell, Equity Group Investments' founder and chairman. He discusses the Federal Reserve's decision to fight inflation and his investment strategies in high inflation. Zell also shares his outlook on the U.S. economy, and explains why he believes it will be in recession. CNBC has Zell telling CNBC that the notion of transitory inflation is "pretty terrible". "We have over-flooded society with capital."