The recent failures of Silicon Valley Bank and Signature Bank have sparked concerns about the possibility of other regional banks facing similar fates.
‘Rich Dad Poor Dad’ author Robert Kiyosaki recently cautioned his followers that the banking crisis is still ongoing and is far from resolved.
In a recent tweet on Thursday, Kiyosaki said
More banks about to fail. Rumor is Mortgage giant Loan Depot is on the ropes. Regional banks and mortgage companies are falling. Please be careful. I would not believe anything Pres Biden, Fed Chairman Powell or Sec Treasury Yellin say. Think for yourself.
— Robert Kiyosaki (@theRealKiyosaki) June 15, 2023
Expressing his concerns, Kiyosaki mentioned the vulnerability of mortgage companies, notably that of Loan Depot, a prominent player in the industry.
The author and entrepreneur said that rumors suggest that Loan Depot is facing significant challenges, and advised his followers to exercise caution and be mindful of the situation.
Responding to Kiyosaki’s tweet, stock broker Peter Schiff said that “the Fed and Federal policy are the reasons the U.S. banking system is now insolvent.”
Correct, but this was the inevitable consequence of obvious monetary and fiscal policy mistakes made over the years. Fed and Federal policy are the reasons the U.S. banking system is now insolvent, and why this financial crisis will be much worse than the last one they created.
— Peter Schiff (@PeterSchiff) June 16, 2023
This isn’t the first time Kiyosaki has warned about the collapse of the banking sector.
Earlier in March, Kiyosaki, who predicted the 2008 collapse of Lehman Brothers, pointed to the bond market as a primary concern and emphasized its significant size, which surpassed that of the stock market.
“The bond market poses the greatest challenge,” Kiyosaki said, underlining the importance of the sector in the broader financial landscape.
Kiyosaki previously said that the poor bond market could be troublesome for pensions and investment income for older generations.
In light of increasing inflation and comments on the fractious argument claim of the Federal Reserve’s unrestricted money printing Kiyosaki has advised investors to acquire gold, silver and Bitcoin over the past few years.
© 2023 Zenger News.com. Zenger News does not provide investment advice. All rights reserved.
Produced in association with Benzinga
Edited by Maham Javaid and Diane Walsh
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