Throughout 2022, Wall Street has repeatedly warned investors that a recession could be on its way.

From JPMorgan Chase CEO Jamie Dimon to former Federal Reserve officials, the world’s top economic minds have pointed, practically in unison, to the storm of headwinds facing the global economy and expressed fears about the potential for a serious downturn.

In the U.S., consumers are grappling with near 40-year-high inflation and rising interest rates, all while the world struggles to cope with the war in Ukraine, the European energy crisis, China’s COVID-zero policies, and more.

And even after a more than 21% drop in the S&P 500 this year, Wall Street’s best minds still think stocks have further to fall.

“The worst is yet to come,” Carl Icahn, who serves as the chairman of Icahn Enterprises and boasts a net worth of $23 billion, told MarketWatch at the Best New Ideas in Money Festival on Wednesday.

Icahn made his name as a corporate raider on Wall Street in the 1980s, buying up unloved companies and aggressively advocating for change to improve shareholder value by appointing board members, selling assets, or firing employees.

Even at 86, Icahn remains one of Wall Street’s most respected minds, and this year he has repeatedly warned the U.S. economy and stock market are in trouble.

The investor argues the Federal Reserve boosted asset prices to unsustainable levels amid the pandemic using near-zero interest rates and quantitative easing—a policy where central banks buy mortgage backed securities and government bonds in hopes of spurring lending and investment.

“We printed up too much money, and just thought the party would never end,” he said, adding that with the Fed switching stances and raising rates to fight inflation, he now believes “the party’s over.”

The hangover from the Fed’s loose monetary policies, according to Icahn, is sky-high inflation, which rose 8.3% from a year ago in August.

“Inflation is a terrible thing. You can’t cure it,” Icahn said, noting that rising inflation was one of the key factors that brought down the Roman Empire.