Marc Faber: The Market is going down because corporate profits will begin to disappoint

Marc Faber: I think the point is this: I don't think markets are going down because of Greece, I don’t think that markets are going down because of the fiscal cliff, because there won't be a fiscal cliff. They'll do some patch work, a little bit of tax increases come into play in five years time, and a bit of spending cuts that come in 100 years, and then everybody will be happy and they'll be a rebound in the market. But the market is actually going down because I think that corporate profits will begin to disappoint, and that the global economy will hardly grow next year, or even contract. And for that is the reason that stocks, from the highs in September at 1470 on the S&P, will drop in my view at least 20%. Apple has already dropped more than 20%. - in CNBC’s Squawk Box