Market Contrarian Warns Stocks Will Drop 40%

It's up, up, up for the stock market, to the delight of investors and future retirees alike -- but one noted contrarian sees Wall Street setting records and warns there’s only one direction it can go.

Investment expert Marc Faber, editor of "The Gloom, Boom & Doom Report" – his nickname is “Dr. Doom” -- says the stock market teeters on dropping 40 percent or more.

The falloff will go “extremely badly,” he said in a CNBC interview.

Despite the howls from other Wall Street optimists about his prediction, Faber refuses to run with the bulls.

Whether he's an oracle or a contrarian, Faber says the warning signs are:

--An overheated bull run that's lasted eight years.

--A NASDAQ index that's artificially propped up by a handful of powerhouses as others struggle to regain their past highs.

"Dr. Doom" doesn't mind the nickname or the national attention he's getting for his warning.

Instead, he insists that time's up, or soon will be.

In doubling down on his prediction, he adds that there may one final, and misleading, spike before the big drop .

Further, he warns that tinkering with federal monetary policy to stanch the bleeding – such as printing more money short-term – would only make the situation worse.

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