Wall Street has warned investors many times that a recession is on the way.

The world's top economic minds have pointed to the storm of headwind 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, and more.

Even though the S&P 500 has fallen more than 20% this year, Wall Street thinks the stock market has more to lose.

The chairman of Icahn Enterprises, Carl Icahn, told MarketWatch that the worst is yet to come.

Icahn made his name as a corporate raider on Wall Street in the 1980s and advocated 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 warned the US economy and stock market are in trouble.

The investor believes the Federal Reserve boosted asset prices to unsustainable levels by using near-zero interest rates and quantitative easing.

He said that with the Fed stances and raising rates to fight inflation, he now thinks that the party is over.

Icahn claims that sky-high inflation is the result of the Fed's loose monetary policies.

It's terrible that inflation is a problem. Icahn said that rising inflation was one of the reasons why the Roman Empire fell.

After a series of emperors lowered the silver content of their currency, Rome experienced hyper inflation. The situation deteriorated after Emperor Diocletian instituted price controls and a new coin that was equal in value to 50 denarii.

According to estimates by some historians, the inflation rate between A.D. 200 and 300 was 15000%.

Icahn would have liked to see the Federal Reserve raise interest rates by a full 1% on Wednesday, instead of the 75-basis-point hike that Chair Powell announced.

Despite Icahn's inflation fears, the billionaire investor said he has been able to beat his peers by hedging his portfolio.

The net asset value of Icahn Enterprises increased by 30% in the first half of the year.

Icahn told investors not to get greedy too soon, despite the fact that there are still appealing stocks on the market.

Icahn believes that companies in the oil-refining andfertilizer businesses should perform better than the overall market in the future.

This year, Ichan has warned investors before.

In September, the billionaire warned that the U.S. economy was about to go into a recession and that the Fed would struggle to control inflation.

He said that you can't get that genie back in the bottle quickly.

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