"I expect that the S&P will go back below 1,100 sometime in September," he said. "Whether we hit a recession or a contraction or not, it'll remain weak, and Europe is going to hit a wall where the banks are going to have to take losses."
Stocks plunge after U.S. hiring dries up in August →
That would also hurt U.S. banks, he said.
Stocks plunge after U.S. hiring dries up in August →
