"Now, it's looking at best like it's going to continue to be an anemic recovery," he said. "The disappointment is that with all the stimulus, the recovery never strengthened and currently looks like it's weakening."
Dow, S&P continue to skid →
"Corporate cash flows in the U.S. are actually very, very healthy," he said. "Households have been saving a lot, too. That cash doesn't sit on the balance sheet forever."