He predicted that the current administration will put up around $3 trillion to $4 trillion in stimulus to try breaking the current downturn. But Dent said he sees the country as rounding the bottom of the crisis and over the next year and a half, the economy will have what he called a "choppy, wimpy bounce."

"We have a downturn that will not be inflationary," and instead "will be deflationary," he said. Tossing humor into the pain-filled punch, Dent said, "this much stimulus is like taking a whole bottle of Viagra and not having anything happen."