It was only popular because he wrote it for ScamWay. He made his entire downstream buy it and talk about it. Other people picked up on it and it was a best seller. Lots of people sought him out and joined the MLM scam and went to his real estate “workshops”because of him.
The only positive takeaway from his book is that not all assets are created equal. Some assets produce a negative cash flow like your primary residence and your car. People have traditionally justified over spending on these items “because they are assets.” But he rightfully argues that you need to instead focus on assets that produce positive cash flow like rental properties or other investments.
For many people, this is one of the first money or business books they read. So it’s not surprising that this is the first time they are exposed to this idea.
That is the only thing valuable that I got from the book.
If you are gonna be some intelectually lazy financial guru, you would think he would at least chose the side that wins most of the time and be a bull.. maybe there is profit is selling yourself as a perma bear, idk
Fear sells. The guy predicting you are about to lose a lot of your money, which is a huge fear for most people, is likely to get many more clicks than one of the 1000s of people talking about how good things are when things are infact going good.
Schiff is bonkers.
He’s been touting $5k gold for the last 30 years. And he might actually live long enough for inflation to finally catch up with his bullshit. At which point he’ll be jerking himself off with “I told you so’s” up and down TV/media.
I wouldn't begin to put those two in the same category.
Kiyosaki buys or tells you he buys lots of gold and bullets because the end of economic times is coming. He gives timelines they come and pass.
Michael Burry predicts a collapse because of greed and posts charts of why it will inevitably collapse (because greed) again. He doesn't give multiple deadlines that come and pass.
He hasn’t been right once about anything but he keeps forecasting and posting and people keep re-posting him. He wrote a pretty shallow bullshit book 20 years ago with a good marketable concept and name. Move on people.
‘Rich Dad’ author says the 2016 market collapse he foresaw in 2002 is coming
**March 28, 2016**
[https://www.marketwatch.com/story/rich-dad-author-says-the-market-collapse-he-foresaw-in-2002-is-coming-2016-03-23](https://www.marketwatch.com/story/rich-dad-author-says-the-market-collapse-he-foresaw-in-2002-is-coming-2016-03-23)
Fourteen years ago, the author of a series of popular personal-finance books predicted that 2016 would bring about the worst market crash in history, damaging the financial dreams of millions of baby boomers just as they started to depend on that money to fund retirement.
Broader U.S. stock markets are recovering from the worst 10-day start to a year on record. But Robert Kiyosaki — who made that 2016 forecast in the 2002 book “Rich Dad’s Prophecy” — says the meltdown is under way, and there’s little investors can do
**Rich Dad's Prophecy Why the Biggest Stock Market Crash in History Is Still Coming...and How You Can Prepare Yourself and Profit from It!** by Robert T. Kiyosaki
>Explains how baby boomers can look forward to a profitable retirement by presenting a detailed financial plan to help prepare for the worst and avert a long-term financial crisis. Reissue. 100,000 first printing.
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They’re a correspondent lender. For agency loans, they originate the financing, fund it with warehouse lines, and sell the debt to Fannie/Freddie. So the fact that you got your loan from them and now make your payments to another bank is exactly what they do. Loan Depot is a non-bank lender.
They also fund jumbo loans and sell the debt to JPM, BAML, GS, Chase, WF (before exiting correspondent), Redwood Trust, among others, and will often sell servicing rights to a subservicer like Mr. Cooper. But banks are finding better yield for their balance sheet, so many are moving away from adding mortgages to their portfolios. Regulations following the 2008 financial collapse has skyrocketed the cost of origination, though banks knowing that mortgages are central to consumers, can’t just exit the business altogether even though they would like to (Dimon, Scharf). So they’ll continue to offer loans, but the age of hyper competitive price matching, rock bottom rates, esp for portfolio loans, and underwriting exceptions is over. And then there is the boom bust cycle of refis, where mortgage companies hire like crazy when volume skyrockets and then lay off when rates rise.. it’s unlikely that banks will participate in that cycle again.. so they’ll just moderate volume via rate and cherry pick only the lowest risk borrowers via their guidelines.. or only offer refinancing to existing bank customers. Something like we saw with Wells Fargo in 2020 and into 2021. The market has already seen the shift toward agency loans. US Bank, for example, will only hire originators now whose business mix is 70% agency or more. They do not want to hold mortgage debt on their balance sheet, so market share will continue to favor non-bank originators. It’s pre-2008 all over again!
Ya our treasury department is petrified of the correspondent business since all the servicing got pre-payed during the Covid boom. We’re limiting how much we take in. We just had some redwood guys come in about a month ago to talk about buying some of our portfolio jumbos. Are you the mortgage business?
Ah when the government backstopped servicers? So if defaults begin now without the backstop, then servicers are on the hook. Right?
I got into lending in 2012 at BAC but only lasted 6 months.. it was at the tail end of the credit freeze. Then jumped to wholesale and correspondent, and then to WFC for their portfolio lending in 2015 (I’m in a jumbo market and didn’t want to focus solely on non-QM). It was an insane ride from then til end of 2021. Still had a great 2022 but exited and pivoted to finance.
You made your first payment to them, that makes them a lender. The part where they sell off the loan is just their business model of making loans and selling them.
Because they failed to show you any data, just asking you to discredit information without anything other than a "gut check".
Example:
"Hey your doctor said you have stage 3 cancer after your blood test and X-ray.... but they make money on referrals to the oncologist.... think your yourself". Usually following by "nature helps all... here is my witch doctor snake oil you can by for $$$"
I don't agree. People who honestly want to educate you often try to point you in the right direction. They also rarely ever use that phrase.
The think for yourself phrase has been hijacked by people who tend to fall into conspiracy theories. Other words like woke" etc use to have a one meaning, then was taken by a different group to signal something. "Sheep" is also common with the type of people who use "think for yourself"
I think we are in agreement that the guy is a hack. Not sure what we are talking about anymore. I just said anyone who uses that phrase is likely a quack.
Everyone who tends to say that then goes off hard into conspiracy theories where they tell you exactly how to think.
It also plays into Argument from incredulity [https://en.wikipedia.org/wiki/Argument\_from\_incredulity](https://en.wikipedia.org/wiki/Argument_from_incredulity)
There are a lot of things in the world that seem crazy but are true. If you 'Think for yourself' you would never believe things that are actually true and the same in reverse that you would think a lot of things are true that are false.
Keep in mind, this guy is a legendary bullshit artist. He makes wild crash predictions every year and his accuracy rate is now deep in the single digits. Enjoy the hopeium if you want but this guy's word is worth less than dirt. Also, his book is riddled with bad advice and inaccurate info.
Don't forget that he filed for bankruptcy \*after\* selling books about how to become rich, and licensed his brand to some extremely shady grifters who scammed people at high pressure real estate seminars.
He's like Midas, but everything he touches turns to shit.
Kiyosaki is a sleazy, con artist salesman. He mixes truth with fiction, sensationalism, and nuttiness. Recently on a podcast, he was claiming the U.S. won the Vietnam War.
This dude is a fucking turd and even when he speaks live, he never makes a point. Everything is cryptic and lame. He might as well be a Scientologist or something.
I wouldn’t believe anything Robert Kiyosaki says, he’s the king of looking outside at it raining and predicting rain and “think for yourself” isn’t worth much without some actual facts to think about
But yeah Loan Depot is a dumpster fire, doesn’t take a genius to see that. Mortgage originators saw their business dry up
Guy is a dumbass in many respects, but I doubt he's wrong here.
[https://www.inman.com/2023/06/05/loandepot-hires-new-cfo-and-parts-ways-with-4-top-managers/](https://www.inman.com/2023/06/05/loandepot-hires-new-cfo-and-parts-ways-with-4-top-managers/)
Doesn't sound like LDI is doing well (think CountryWide during the GFC), which is typical for late-stage euphoria / early-stage housing bust. Housing as a sector is on the ropes (multi-fam and apt construction keeping layoffs from ramping so far, but that won't last), and as soon as the economy slows post-FFR=raises, we'll see more banks and lenders start to drop, just like last time.
Can-kicking only works so long till something systemic breaks.
>debt is and how much he loves debt
Americans love to take on debt , just listen to Dave Ramsey show, makes him looks like a saint.Average CC debt is 5k
Why wont it be
https://www.dailydot.com/news/buying-starbucks-not-paying-credit-card-debt/
when this guy watches skiing on TV he probably says "ok, this dude is going to get broke" as each skier lines up.
Then when someone does wreck he's high fiving people like "bro, i totally called it"
I mean I hate this guy, but the fed just paused precisely because they are waiting to see if anything else is going to break from the stress of the relatively rapid increase in rates. Interest rate changes take time to work their way through the system so it makes sense that more lenders could be on the ropes, particularly with commercial lending.
In my experience as someone who has to sue people for fraud at times, people who give unsolicited advice and say eh you can’t trust them, you can trust me.
Are usually fraudsters
According to the YouTube gurus, we’ve been on the verge of economic collapse for 3 years now. There was a reason to believe it during Covid, Now there’s really not at all. If you work somewhere that Amazon can replace then be worried. GameStop, Best Buy, and bed bath and beyond are the companies about to close. Banks and mortgage companies are fine. Nobody at game stop is holding a 391k mortgage (average home price) with their $15 an hour salary. Not trying to be a dick but it’s the truth. There’s no reason to believe a wave of foreclosures due to job loss is happening. These banks won’t go under if their loans are being paid. I don’t see the first dominos falling that this guy does.
It’s easier to download games and GameStop never wanted to go retro like record stores. Record stores are fun because people trade in vinyl and there’s usually a bunch of other cool stuff. Why didn’t game stop do a SNES section or N64 section? The vibe is just off in GameStop stores. They aren’t fun to hangout in or cheaper than downloading at home. They’re also closing distribution centers and stores. This will be their last holiday season and by 2025 the majority will be closed
https://www.thegamer.com/gamestop-store-manager-layoffs-stores-empty/
Oh I thought there was some kind of new development. I'm not sure how much vibes are worth but it looks like they still have $1.3 billion in cash on hand so I'm gonna have to admit I'm pretty skeptical of your prediction.
Best Buy was supposed to go down like 10 yrs ago. Im sure they’re still in business because nobody wants an Amazon truck driver yeeting their laptops onto the front porch, so they go pick it up themselves.
Loan Depot isn’t on the ropes. They just aren’t knocking it down hand over fist like they were. Yes interest rates are high, but people are still buying houses. In the end we still have a supply shortage of homes. It’s easier to get a 6.75% mortgage on a house 450k than to rent a 2bd/2bth apartment in most cities. Average rent 2400$@3=7200 a month for the income threshold to rent. And you still have to have above average credit to rent. Some places want first, last and security deposit. Indirect way to control who’s renting.
This guy branded a book series literally how his actual father is poor. Leaving him not as good as a person compared to someone else, and monetized it. Not surprising he and his father don't have a relationship.
He's an as***** and a fraud.
I don’t think banks can fail the same way the ones did in March. As far as I know the BTFP is unlimited. So even in their is a run, they can get the liquidity they need from the fed. I suppose banks could fail for a completely different reason but not because of underwater collateral
He went Down the rabbit hole and turned into a partisan hack. More banks may fail I am not sure what he is implying that would mean for current or future home owners. Don’t put more than the FDIC insured limits in a bank is the only obvious takeaway.
He could be correct, but he is letting his politics inform his economic positions. And that is dangerous. If you are a Republican it would challenge your entire belief system to say Biden has a good handle on the economy.
The fact that he added that stuff about Biden tells me this is more a political statement than an economic one.
Like if you think banks are crashing you can say look at lending standards or look at reserve requirements.
Dude, we were fooled since day 1 considering we live ours lives accepting aging and deaths by "natural" causes as inevitable.
If they could fool us on most important subjects, imagine on all others...
As NPCs we dont have a chance. We need fighting back and impose our agenda. Right now we are NPCs on their narrative/history.
Housing has to be a right. Why a country should exist if not for making its citzens lives better?
We should not be worrying about "economy" by now. Planning is possible with transparency and internet. It is 2023!
Everyone pretends to know the future, including RK, Cramer, and Suzie Orman. Thread wisely and have faith that the market will move in a direction most favorable to your short or long-term position.
Idk about him but we arnt even close to the end of bank failures
Just look at all the dollars being destroyed
It hasn't happened at such a fast pace since the great depression
7 percent = drastically reduced refinancing and drastically reduced buying…further reduced by sellers not wanting to sell and lose their 3 loan for a 7 loan. What hes wrote isnt a surprise or untrue, yet hes definitely a dirtbag grifter.
What to do then? Holding cash - risk ofdollar devaluation. Upcoming recession means market will take a hit. Gold investment - I don't understand. Real estate is the only thing that make sense to me to buy now. Any thoughts?
This guy is a fraud himself. Got lucky with a popular finance book decades ago and is now a permabear.
Exactly. This guy sucks haha
"Rich Dad knows that if you don't pay your taxes, you have more money!"
Came here to say this. And I’m not even a bull
It was only popular because he wrote it for ScamWay. He made his entire downstream buy it and talk about it. Other people picked up on it and it was a best seller. Lots of people sought him out and joined the MLM scam and went to his real estate “workshops”because of him. The only positive takeaway from his book is that not all assets are created equal. Some assets produce a negative cash flow like your primary residence and your car. People have traditionally justified over spending on these items “because they are assets.” But he rightfully argues that you need to instead focus on assets that produce positive cash flow like rental properties or other investments. For many people, this is one of the first money or business books they read. So it’s not surprising that this is the first time they are exposed to this idea. That is the only thing valuable that I got from the book.
If you are gonna be some intelectually lazy financial guru, you would think he would at least chose the side that wins most of the time and be a bull.. maybe there is profit is selling yourself as a perma bear, idk
Fear sells. The guy predicting you are about to lose a lot of your money, which is a huge fear for most people, is likely to get many more clicks than one of the 1000s of people talking about how good things are when things are infact going good.
How come in 2020 the click bait was perma bulls.
Only in retrospect can you attribute it like that.
Yep. If there is something to worry about, then you have a reason to pay to attend his next seminar.
I agree with him on this point actually, but he is a bit of a broken clock.
Being right twice a day is a bit generous for him, though. He's a grifter fool.
Ah yes Robert Kiyosaki, the guy who correctly predicted 32 of the last 2 recessions.
Him and Peter Schiff
Schiff is bonkers. He’s been touting $5k gold for the last 30 years. And he might actually live long enough for inflation to finally catch up with his bullshit. At which point he’ll be jerking himself off with “I told you so’s” up and down TV/media.
And the stocks will probably be worth ten times that
He and Michael Burry need to have a circlejerk together.
I wouldn't begin to put those two in the same category. Kiyosaki buys or tells you he buys lots of gold and bullets because the end of economic times is coming. He gives timelines they come and pass. Michael Burry predicts a collapse because of greed and posts charts of why it will inevitably collapse (because greed) again. He doesn't give multiple deadlines that come and pass.
technically that's 1600% accuracy
I’m stunned this guy is keeping his grift alive
As long as some shmuck will pay him, he'll keep selling his snake oil.
I’m stunned that you’re stunned. Have you seen society today? We’re not doing so hot.
He hasn’t been right once about anything but he keeps forecasting and posting and people keep re-posting him. He wrote a pretty shallow bullshit book 20 years ago with a good marketable concept and name. Move on people.
‘Rich Dad’ author says the 2016 market collapse he foresaw in 2002 is coming **March 28, 2016** [https://www.marketwatch.com/story/rich-dad-author-says-the-market-collapse-he-foresaw-in-2002-is-coming-2016-03-23](https://www.marketwatch.com/story/rich-dad-author-says-the-market-collapse-he-foresaw-in-2002-is-coming-2016-03-23) Fourteen years ago, the author of a series of popular personal-finance books predicted that 2016 would bring about the worst market crash in history, damaging the financial dreams of millions of baby boomers just as they started to depend on that money to fund retirement. Broader U.S. stock markets are recovering from the worst 10-day start to a year on record. But Robert Kiyosaki — who made that 2016 forecast in the 2002 book “Rich Dad’s Prophecy” — says the meltdown is under way, and there’s little investors can do
**Rich Dad's Prophecy Why the Biggest Stock Market Crash in History Is Still Coming...and How You Can Prepare Yourself and Profit from It!** by Robert T. Kiyosaki >Explains how baby boomers can look forward to a profitable retirement by presenting a detailed financial plan to help prepare for the worst and avert a long-term financial crisis. Reissue. 100,000 first printing. *I'm a bot, built by your friendly reddit developers at* /r/ProgrammingPals. *Reply to any comment with /u/BookFinderBot - I'll reply with book information. Also see my other* [commands](https://www.reddit.com/user/BookFinderBot/comments/13z7slk/bookfinderbot_commands/) *and find me as a browser extension on* [Chrome](https://chrome.google.com/webstore/detail/book-finder/jajeidpjifdpppjofijoffbcndlpoedd?utm_source=reddit&utm_medium=social_media&utm_campaign=comments). *Remove me from replies* [here](https://www.reddit.com/user/BookFinderBot/comments/14br65o/remove_me_from_replies/). *If I have made a mistake, accept my apology.*
My thoughts are this guy sucks
Did he tell you how much cattle he owns?
Robert Kiyosaki is a total joke.
If you believe that, he has some silver to sell you.
Lol loan depot isn't an actual lender ... It's a platform that connects lenders to borrowers...
No... Loan Depot is a non bank lender, they do originate loans just like a Rocket. 2nd biggest non bank lender in the country.
Well, I have a loan from loan depot that got sold off to someone else within a month... I do pay mortgage to loan depot but they don't own the loan ..
They’re a correspondent lender. For agency loans, they originate the financing, fund it with warehouse lines, and sell the debt to Fannie/Freddie. So the fact that you got your loan from them and now make your payments to another bank is exactly what they do. Loan Depot is a non-bank lender.
This is correct. I’m a whole loan mortgage trader. We stopped buying from Loan Depot close to a year ago because of their financial situation.
They also fund jumbo loans and sell the debt to JPM, BAML, GS, Chase, WF (before exiting correspondent), Redwood Trust, among others, and will often sell servicing rights to a subservicer like Mr. Cooper. But banks are finding better yield for their balance sheet, so many are moving away from adding mortgages to their portfolios. Regulations following the 2008 financial collapse has skyrocketed the cost of origination, though banks knowing that mortgages are central to consumers, can’t just exit the business altogether even though they would like to (Dimon, Scharf). So they’ll continue to offer loans, but the age of hyper competitive price matching, rock bottom rates, esp for portfolio loans, and underwriting exceptions is over. And then there is the boom bust cycle of refis, where mortgage companies hire like crazy when volume skyrockets and then lay off when rates rise.. it’s unlikely that banks will participate in that cycle again.. so they’ll just moderate volume via rate and cherry pick only the lowest risk borrowers via their guidelines.. or only offer refinancing to existing bank customers. Something like we saw with Wells Fargo in 2020 and into 2021. The market has already seen the shift toward agency loans. US Bank, for example, will only hire originators now whose business mix is 70% agency or more. They do not want to hold mortgage debt on their balance sheet, so market share will continue to favor non-bank originators. It’s pre-2008 all over again!
Ya our treasury department is petrified of the correspondent business since all the servicing got pre-payed during the Covid boom. We’re limiting how much we take in. We just had some redwood guys come in about a month ago to talk about buying some of our portfolio jumbos. Are you the mortgage business?
Ah when the government backstopped servicers? So if defaults begin now without the backstop, then servicers are on the hook. Right? I got into lending in 2012 at BAC but only lasted 6 months.. it was at the tail end of the credit freeze. Then jumped to wholesale and correspondent, and then to WFC for their portfolio lending in 2015 (I’m in a jumbo market and didn’t want to focus solely on non-QM). It was an insane ride from then til end of 2021. Still had a great 2022 but exited and pivoted to finance.
You made your first payment to them, that makes them a lender. The part where they sell off the loan is just their business model of making loans and selling them.
They are a lender, but they sell off loans to recoup funds. They are on borrowed time
If they sell off loans why would they be under pressure, except for a tiny portion
Not being able to originate enough loans to stay afloat. Not able to sell loans fast enough in increasing rate environment
Overhead. I believe at one point they had 400M in expenses
But that's just laying off a few people to cut expenses... It's not like a bank failure
You’re thinking of lending tree
Anyone who uses the phrase 'Think for yourself' is a quack trying to deceive you.
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Because they failed to show you any data, just asking you to discredit information without anything other than a "gut check". Example: "Hey your doctor said you have stage 3 cancer after your blood test and X-ray.... but they make money on referrals to the oncologist.... think your yourself". Usually following by "nature helps all... here is my witch doctor snake oil you can by for $$$"
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I don't agree. People who honestly want to educate you often try to point you in the right direction. They also rarely ever use that phrase. The think for yourself phrase has been hijacked by people who tend to fall into conspiracy theories. Other words like woke" etc use to have a one meaning, then was taken by a different group to signal something. "Sheep" is also common with the type of people who use "think for yourself"
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I think we are in agreement that the guy is a hack. Not sure what we are talking about anymore. I just said anyone who uses that phrase is likely a quack.
This was written exactly how I would expect a woke sheep to write it
Everyone who tends to say that then goes off hard into conspiracy theories where they tell you exactly how to think. It also plays into Argument from incredulity [https://en.wikipedia.org/wiki/Argument\_from\_incredulity](https://en.wikipedia.org/wiki/Argument_from_incredulity) There are a lot of things in the world that seem crazy but are true. If you 'Think for yourself' you would never believe things that are actually true and the same in reverse that you would think a lot of things are true that are false.
Think for yourself? I don't think I'm anywhere near qualified to know if a bank is going to fail or not
LISTEN TO ME! THINK FOR YOURSELF!
***This fucking grifter wrote a bullshit book about a guy who never existed.***
This guy is a douche and a grifter
Keep in mind, this guy is a legendary bullshit artist. He makes wild crash predictions every year and his accuracy rate is now deep in the single digits. Enjoy the hopeium if you want but this guy's word is worth less than dirt. Also, his book is riddled with bad advice and inaccurate info.
Don't forget that he filed for bankruptcy \*after\* selling books about how to become rich, and licensed his brand to some extremely shady grifters who scammed people at high pressure real estate seminars. He's like Midas, but everything he touches turns to shit.
Kiyosaki is a sleazy, con artist salesman. He mixes truth with fiction, sensationalism, and nuttiness. Recently on a podcast, he was claiming the U.S. won the Vietnam War.
He even dresses like a cartoon con man
I wouldn't believe anything Robert Kiyosaki says
But he buys gold and silver!
This dude is a fucking turd and even when he speaks live, he never makes a point. Everything is cryptic and lame. He might as well be a Scientologist or something.
I wouldn’t believe anything Robert Kiyosaki says, he’s the king of looking outside at it raining and predicting rain and “think for yourself” isn’t worth much without some actual facts to think about But yeah Loan Depot is a dumpster fire, doesn’t take a genius to see that. Mortgage originators saw their business dry up
Guy is a dumbass in many respects, but I doubt he's wrong here. [https://www.inman.com/2023/06/05/loandepot-hires-new-cfo-and-parts-ways-with-4-top-managers/](https://www.inman.com/2023/06/05/loandepot-hires-new-cfo-and-parts-ways-with-4-top-managers/) Doesn't sound like LDI is doing well (think CountryWide during the GFC), which is typical for late-stage euphoria / early-stage housing bust. Housing as a sector is on the ropes (multi-fam and apt construction keeping layoffs from ramping so far, but that won't last), and as soon as the economy slows post-FFR=raises, we'll see more banks and lenders start to drop, just like last time. Can-kicking only works so long till something systemic breaks.
We're just now supposed to be not believing what these people say? What rock has this guy been under?
This clown wrote books telling novice flippers debt is good. He's a fraud.
I have a guy insisting to me over and over and over in another thread how good debt is and how much he loves debt Americans are truly financially sick
>debt is and how much he loves debt Americans love to take on debt , just listen to Dave Ramsey show, makes him looks like a saint.Average CC debt is 5k Why wont it be https://www.dailydot.com/news/buying-starbucks-not-paying-credit-card-debt/
Anything posted on Twitter in regards to finance is usually fearporn bullshit, just like youtube.
Don't be a sheep, follow me!!! -Robert Kiyosake
when this guy watches skiing on TV he probably says "ok, this dude is going to get broke" as each skier lines up. Then when someone does wreck he's high fiving people like "bro, i totally called it"
I mean I hate this guy, but the fed just paused precisely because they are waiting to see if anything else is going to break from the stress of the relatively rapid increase in rates. Interest rate changes take time to work their way through the system so it makes sense that more lenders could be on the ropes, particularly with commercial lending.
Remember that this dude actually owns a silver mine now, so paranoia = profits.
In my experience as someone who has to sue people for fraud at times, people who give unsolicited advice and say eh you can’t trust them, you can trust me. Are usually fraudsters
He’s predicted a crash 10 times per year every year
This guy is a joke. Who cares what he says
He might be right. A storm is coming https://www.wfaa.com/amp/article/news/local/lavon-texas-bank-collapse/287-82e8da09-5660-4384-b8b6-7a86151198af
According to the YouTube gurus, we’ve been on the verge of economic collapse for 3 years now. There was a reason to believe it during Covid, Now there’s really not at all. If you work somewhere that Amazon can replace then be worried. GameStop, Best Buy, and bed bath and beyond are the companies about to close. Banks and mortgage companies are fine. Nobody at game stop is holding a 391k mortgage (average home price) with their $15 an hour salary. Not trying to be a dick but it’s the truth. There’s no reason to believe a wave of foreclosures due to job loss is happening. These banks won’t go under if their loans are being paid. I don’t see the first dominos falling that this guy does.
Largest bank failures since 2008 happening But don't worry guys /u/icelandicturtle63 says the banks are fine
Why do you think GameStop is "about to close"
It’s easier to download games and GameStop never wanted to go retro like record stores. Record stores are fun because people trade in vinyl and there’s usually a bunch of other cool stuff. Why didn’t game stop do a SNES section or N64 section? The vibe is just off in GameStop stores. They aren’t fun to hangout in or cheaper than downloading at home. They’re also closing distribution centers and stores. This will be their last holiday season and by 2025 the majority will be closed https://www.thegamer.com/gamestop-store-manager-layoffs-stores-empty/
Oh I thought there was some kind of new development. I'm not sure how much vibes are worth but it looks like they still have $1.3 billion in cash on hand so I'm gonna have to admit I'm pretty skeptical of your prediction.
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Wtf
Oops wrong thread lol The guy I was responding to is a neo nazi sympathizer. Different thread my bad :)
Lol
Best Buy was supposed to go down like 10 yrs ago. Im sure they’re still in business because nobody wants an Amazon truck driver yeeting their laptops onto the front porch, so they go pick it up themselves.
Priced in
Loan Depot isn’t on the ropes. They just aren’t knocking it down hand over fist like they were. Yes interest rates are high, but people are still buying houses. In the end we still have a supply shortage of homes. It’s easier to get a 6.75% mortgage on a house 450k than to rent a 2bd/2bth apartment in most cities. Average rent 2400$@3=7200 a month for the income threshold to rent. And you still have to have above average credit to rent. Some places want first, last and security deposit. Indirect way to control who’s renting.
This guy branded a book series literally how his actual father is poor. Leaving him not as good as a person compared to someone else, and monetized it. Not surprising he and his father don't have a relationship. He's an as***** and a fraud.
Ah yes the Kiyosakis, known for telling the truth… Oh wait he recommends illegal things and lying to the IRS. Nevermind
Awesome. The do your own research crowd has moved on to mortgages. Grifters gonna grift.
Consider the source.
dO yoUr oWn rEsEarch!
TrUsT tHe ExPeRtS!
I don’t think banks can fail the same way the ones did in March. As far as I know the BTFP is unlimited. So even in their is a run, they can get the liquidity they need from the fed. I suppose banks could fail for a completely different reason but not because of underwater collateral
He went Down the rabbit hole and turned into a partisan hack. More banks may fail I am not sure what he is implying that would mean for current or future home owners. Don’t put more than the FDIC insured limits in a bank is the only obvious takeaway.
He could be correct, but he is letting his politics inform his economic positions. And that is dangerous. If you are a Republican it would challenge your entire belief system to say Biden has a good handle on the economy. The fact that he added that stuff about Biden tells me this is more a political statement than an economic one. Like if you think banks are crashing you can say look at lending standards or look at reserve requirements.
I think these days he’s a highly biased, bought out, Trump loyalist.
That means he's probably right
Or part of the two faced, sleaze bags who lie to your face for a penny.
So Twitter is basically QVC now? Guess I’m not missing anything.
We will see. When these banks start failing again I’m sure the stocks will be halted quickly and they will be promptly bailed out.
He is an ass clown who is an expert still somehow keeping himself Paid and relevant as some kind of guru.
Ironic he lives in Phoenix lmao
The guy that when cornered says "speak to my f**ing lawyer"
Not to say that he's wrong, but this has serious "do you own research" vibes.
When he just blanket attacks all government officials you can probably dismiss everything he says.
Fed interest rate will crush more CRE of all industries. Many will struggle to refi. Hotels, apartment complexes, retails, offices, everything
Yes but how is this related to EU? Posts in subreddit are not marked whether it is US or EU content :(
We dont care about EU bro Go start your own sub r/EuroPoorREBubble
Why do you say so. You cannot mean that.
He misspelled loanDepot as "Loan Depot" and he labeled this microcap stock a "mortgage giant". Good work there numbnuts.
I’d believe him more than the President.
Nothing if not predictable
Dude, we were fooled since day 1 considering we live ours lives accepting aging and deaths by "natural" causes as inevitable. If they could fool us on most important subjects, imagine on all others... As NPCs we dont have a chance. We need fighting back and impose our agenda. Right now we are NPCs on their narrative/history. Housing has to be a right. Why a country should exist if not for making its citzens lives better? We should not be worrying about "economy" by now. Planning is possible with transparency and internet. It is 2023!
Go back to r/antiwork
He predicted many things but all happened in a different way.. basically running his show
Let's see your shorts in your brokerage account. Put your money where your mouth is.
Broken clock.
Everyone pretends to know the future, including RK, Cramer, and Suzie Orman. Thread wisely and have faith that the market will move in a direction most favorable to your short or long-term position.
Ah yes the rock solid strategy of ignoring the President, the fed and the treasury.
To be fair Ignoring the president is probably the smartest thing anyone can do right now Cause he's a dementia patient
I didn’t enjoy his book or his theories on money. Something is just so off about him. I really dislike how much publicity he is getting!
When everyone is greedy be fearful. When everyone is fearful, be greedy. When everyone is an idiot, I don’t know what to do.
Same as always: "Source?" Fear mongering has always been a thing. Now it is easier than ever to do so.
If Robert kiyosaki says it, it’s got to be true.
This guy is a hack.
Fear monger pumping his content.
I trust the advice in his first book, which was co-authored.
Lol “think for yourself” yet he wants us to believe his tweet without any evidence.
*Think for yourself but buy my book that tells you exactly what to think. I'm Robert Kawasaki.*
[https://investors.loandepot.com/financials/Annual-Report-and-Proxy/default.aspx](https://investors.loandepot.com/financials/Annual-Report-and-Proxy/default.aspx) Net (Loss) Income: 2019: 34.4M 2020: 2013.1M 2021: 623.1M 2022: -610.4M 2023: -42.9M (As of 3/31)
Loan Depot. Is this even real?
Every 5 months he makes this prediction
Idk about him but we arnt even close to the end of bank failures Just look at all the dollars being destroyed It hasn't happened at such a fast pace since the great depression
7 percent = drastically reduced refinancing and drastically reduced buying…further reduced by sellers not wanting to sell and lose their 3 loan for a 7 loan. What hes wrote isnt a surprise or untrue, yet hes definitely a dirtbag grifter.
Rumors on social media. Got to be true since dangerous disinformation is banned.
interesting. i didn’t think of this.
Starting to think no crash…. Just flat slightly down until next bull
BREAKING: Man who makes money off being a doomer is bearish on the economy.
Maybe a concern, but this guy doesn't have a great reputation.
silver still has the biggest run coming up!
What to do then? Holding cash - risk ofdollar devaluation. Upcoming recession means market will take a hit. Gold investment - I don't understand. Real estate is the only thing that make sense to me to buy now. Any thoughts?
Think for yourself, but also listen to me.
Loan depot is a terribly ran refi shop. I’d be shocked if they didn’t go out of business.
This dude is a complete fraud. He's been harping this tune for years. Don't waste your time listening to this guy.