The recent failures of Silicon Valley Bank and Signature Bank have sparked concerns about the possibility of other regional banks facing similar challenges.
'Rich Dad Poor Dad' author Robert Kiyosaki recently cautioned his followers that the banking crisis is still ongoing and far from resolved.
In a recent tweet on Thursday, Kiyosaki said that more banks would fail following the widely publicized crashes of major banks across the U.S.
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."
Also Read: 'Rich Dad Poor Dad' Author Warns Of Economic Pain, Says Baby Boomers Will Be 'Biggest Losers'
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 the Federal Reserve's unrestricted money printing, Kiyosaki has advised investors to acquire gold, silver and Bitcoin BTC/USD over the past few years.
Photo: Gage Skidmore via flickr
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
