Stock bubble bigger than 2008 crash: Peter Schiff

(Fox News) - Euro Pacific Capital CEO Peter Schiff is sounding the alarm on this week's market selloff, saying Wall Street Opens a New Window. and the U.S. economy Opens a New Window. are on the verge of a recession.

"This is a bubble not just in the stock market, but the entire economy," Schiff said during an interview with FOX Business' Liz Claman Opens a New Window.

The economic forecaster is predicting a recession accompanied by rising consumer prices that will be "far more painful" than the Great Recession, which officially lasted from December 2007 to June 2009.

"I think as Americans lose their jobs, they are going to see the cost of living going up rather dramatically, and so this is going to make it particularly painful," Schiff said.