Legendary investor: America is overdue for another recession

The Dow closed at a new three-month low Wednesday, dropping 1.5%, as civil unrest continued in Greece in response to the government's austerity program. Concern over Greece's debt problems as well as gloomy manufacturing news sparked a sell-off.

Legendary investor Jim Rogers says he sees "continued turmoil for the next few years," and that America is overdue for another recession.

Rogers, founder of Rogers Holdings and the author of A Gift to My Children: A Father's Lessons for Life and Investing, tells American Morning how he is reading this week's poor economic news.