Notorious market contrarian Marc Faber has a message for Wall Street: We are almost in a recession.
Monday on CNBC's "Fast Money," the Gloom, Boom & Doom Report publisher reiterated his bold call that stocks could see a sudden and detrimental crash, similar to what was witnessed in 1987.
"[The market] will remain very volatile because interventions with fiscal and monetary policies, instead of lowering volatility they postpone it, and then it explodes," he said. The S&P 500 has fallen more than 8 percent since the Federal Reserve raised interest rates last month, and the U.S. markets saw their worst start to a year in history.
Recent volatility aside, Faber has been calling for a catastrophic market event for some time. In July 2015 he said stocks could fall up to 40 percent and in April 2014 he said he expected to see a 1987-type crash in the next 12 months. Since his April 2014 call the S&P 500 has returned more than 3 percent.