Anyone hoping the current economic downturn is just a blip will surely be disappointed by RH CEO Gary Friedman’s warning.

Companies and business leaders have been sounding the alarm about the state of the economy, freezing hiring and laying off workers in an effort to cut costs and weather what’s coming. According to Friedman, the economy may be worse off than some want to admit.

“Anybody who thinks we’re not in a recession is crazy,” Friedman told analysts, via CNN. “The housing market is in a recession, and it’s just getting started. So it’s probably going to be a difficult 12 to 18 months in our industry. But these are the times where you can really capitalize.”

Friedman is hardly the only one to sound a dire warning about the economy. In June, JPMorgan CEO Jamie Dimon warned there was a hurricane coming, although it was too soon then to tell how big it would be.

“That hurricane is right out there down the road coming our way” the CEO said. “We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself.”

Three months later, it appears the view is clear enough for Friedman to make the observation he did.