Legendary economist known for 1969-70 recession prediction warns downturn may hit in 2026

Gary Shilling, the legendary forecaster known for his bearish accuracy and being fired from Merrill Lynch for predicting the 1969-70 recession, is sounding the alarm on a 2026 economic collapse.

In a recent interview with Business Insider, Shilling warned that a U.S. recession is "almost inevitable" by year-end, driven by a "frozen" housing market, corporate investment indicators and a weakening consumer base.

"Stocks are very expensive and there probably is a major correction coming...