'Over the next year or two, the stock market could fall 60 percent'

Jon Wolfenbarger, founder and chief executive officer at BullAndBearProfits.com says he foresees a market downturn of 60 percent in the next year or two, and that it could be down 50 percent from current levels a decade from now. Wolfenbarger bases that forecast on valuation levels "that are the highest they have been in history, higher than they were in 1929" or at the peak of the tech bubble. Wolfenbarger says a recession is coming soon if it hasn't already started, and that economic conditions will deteriorate from here based on indicators that are showing that trouble is about to hit home. Also on the show, Jason Callan, portfolio manager at Columbia Threadneedle Investments -- manager of the Columbia Strategic Income Fund -- says in the Big Interview that the economy still has some consequences to pay for the protracted inversion in the yield curve and how to position portfolios now that the Federal Reserve has indicated that it is likely to stop hiking rates but hasn't given more than mild ints about when it will begin cutting them. Plus, Rebecca Edwards discusses a Safewise study showing that Americans are worried about porch piracy for real reasons, notably that they will lose billions of dollars to thefts made at their doors -- and Chuck answers a listener's question about his take for the year ahead.