Billionaire Leon Cooperman predicts long wait for S&P 500 to reach new high amid US financial crisis.

Billionaire investor Leon Cooperman has warned that the US is going through a "textbook" financial crisis, which means investors should expect sluggish returns for the S&P 500 for a long time. Cooperman blamed the crisis on irresponsible fiscal and monetary policy over the last decade, rising debt levels, and recent market volatility stemming from the failure of Silicon Valley Bank. He warned that the S&P 500 wouldn't hit a high again for a long time and predicted a recession coming for the US economy later this year, with stocks potentially plunging 20%.