The author of “Rich Dad, Poor Dad” Robert Kiyosaki believes that the country’s current series of bank failures are far from over. On June 15, 2023, Kiyosaki tweeted that additional banks were rumored to collapse. The contrarian investor called attention to how lending company loanDepot could be the next victim of a banking collapse, as numerous regional banks across the nation could be on the verge of failing in the next month or so.
“More banks about to fail. Rumor is Mortgage giant Loan Depot is on the ropes,” Kiyosaki stated. “Regional banks and mortgage companies are falling. Please be careful. I would not believe anything Pres Biden, Fed Chairman Powell or Sec Treasury Yellen say. Think for yourself.”
Earlier in June, Kiyosaki shed some light on the current housing situation in the United States, declaring that a major real estate crash is coming. He continued by noting that the 2008 financial crisis will look like a walk in the park 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 said in a tweet. “In 2023, the same buildings have lost 70% of value.”
He also stressed the need to purchase more gold, silver, and Bitcoin, which Kiyosaki believes are all safe havens in this time of economic turmoil.
Kiyosaki has been one of the most contrarian voices in the financial space over the last three decades. While he’s no credentialed individual, his work in the trenches of finance speaks for itself. At this point, it’s much better to listen to advice from the likes of Kiyosaki as opposed to credentialed professors who have scant experience in the field of finance.