Markets will drop 25 to 50 percent and it will happen abruptly, Deighan told CNBC.

“There’s no basic foundation for the run-up we’ve had, been far too rapid. It continues to run up on what’s normally considered bad news,” he said.

Deighan said in the past, Wall Street “shoved things down Main Street’s throat.” And now, he believes, "Washington" is trying to do the same. Main Street is slowly finding out "what’s going on with the banks, health care and the Federal Reserve’s moves" and they are “absolutely angry.”

http://www.cnbc.com/id/32417835/site/14081545
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