Citi's view is that consumer spending will not taper off significantly, and neither will residential construction fall off and stay low, he said.
In the current environment, Bailin said he see opportunity to buy stocks that are much cheaper, have strong dividend yields, and have good earnings prospects.
Art Cashin, UBS' director of floor operations at the New York Stock Exchange, cautioned against taking Friday's trade as an example, noting that the expiration of options is creating increased volatility.
The VIX, a measure of market volatility, briefly crossed above 30, the highest level since September.
"That shows you the amount of concern out there. I wouldn't want to say panic, but animated concern," Cashin told CNBC's "Squawk Alley."
Still, he said Fink's call for another 10 percent drop on top of the year's losses is in the right ballpark.
He pointed to the latest payroll report — which showed the United States added 292,000 jobs in December — as a sign the economy is not doing as well as recent data suggest. The high percentage of job gains among Americans under the age of 19 suggests that much of the gains can be chalked up to holiday hiring, he said.
"If you look down underneath the data, it's not quite as robust as you think."
— CNBC's Evelyn Cheng contributed to this story.