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(Kitco News) The string of bank failures is not over, warned best-selling author of 'Rich Dad Poor Dad' Robert Kiyosaki.
More banks are rumored to fail, Kiyosaki tweeted Thursday. The best-selling author pointed to the lending company loanDepot as the next potential victim in a series of failed regional banks in the U.S.
"More banks about to fail. Rumor is Mortgage giant Loan Depot is on the ropes," Kiyosaki said. "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."
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
Federal Reserve Chair Jerome Powell has continued to stress that he views the banking system as sound and resilient. And after holding rates steady for the first time in 15 months on Wednesday, Powell said it was too early to fully assess the impact of tighter credit conditions following the banking turmoil while elaborating on the systemic risk within the system.
"There's a substantial amount of commercial real estate in the banking system. A large part of it is in smaller banks. It's well distributed," Powell told reporters. "We do expect that there'll be losses, but there'll be banks that have concentrations and those banks will experience larger losses. So we're well aware of that. We're monitoring it carefully. It feels like something that will be around for some time as opposed to something that will suddenly hit and work its way in a systemic risk."
Last week, Kiyosaki focused on shedding some light onto the housing situation in the U.S., stating that a great real estate crash is coming. He added that the 2008 financial crisis will look pale compared to what's coming in 2023.
"Greatest Real Estate crash ever. 2008 was the GFC. 2023 will make the 2008 GFC look like nothing. In 2019 Office Towers in San Francisco were hot," he tweeted. "In 2023, the same buildings have lost 70% of value."
He again advised buying more gold, silver, and Bitcoin — the three assets Kiyosaki views as safe havens.
Greatest Real Estate crash ever. 2008 was the GFC. 2023 will make 2008 GFC look like nothing. In 2019 Office Towers in San Francisco were hot. In 2023 same buildings have lost 70% of value. What will WOKE cities do with office buildings? Homes for the homeless. Get G, S, BC.
— Robert Kiyosaki (@theRealKiyosaki) June 8, 2023
Kiyosaki's warnings have become more frequent this year. In February, he called for a market crash following a wave of layoffs at tech giants.
In another message, he said the world was already in a global recession. "Rough landing for world. BAD NEWS Bankruptcy, Unemployment, Homelessness soar. Retirements toast. GOOD NEWS. Bargains everywhere. Gold, Silver, BC PRICELESS," he said back in January.
Q: WHATIS WORSE THAN A GREAT DEPRESSION? A: a global recession. UNFORTUNATELY we are in GLOBAL RECESSION. Hang on. Rough landing for world. BAD NEWS Bankruptcy, Unemployment, Homelessness soar. Retirements toast. GOOD NEWS. Bargains everywhere. Gold, Silver, BC PRICELESS.
— Robert Kiyosaki (@theRealKiyosaki) January 28, 2023
