"Rich Dad Poor Dad" author Robert Kiyosaki reiterated his warning of a market crash and the dangers of this week's Fed rate hike on Twitter: Crash. The next crash will be the $1 trillion derivatives market." On Wednesday, the Fed raised its benchmark interest rate by 25 basis points. While many expect the Fed to start cutting rates soon, Fed Chairman Jerome Powell said rate cuts this year are not our base case.
Billionaire Barry Sternlicht, chairman and CEO of Starwood Capital Group, spoke to CNBC about the state of the U.S. economy. He warned that the U.S. economy would implode and stressed that interest rates must come down.
He further said that the U.S. economy "is going to have a hard landing." Following the Fed's 25 basis point hike on Wednesday, Sternlicht reiterated that the Fed should have stopped raising rates amid the current banking crisis: "I think you have to lower rates. That's how you recapitalize banks. I think they've done that already." Enough is enough. The bond market will tell you what's going to happen. The bond market is right. Rates have to come down. The economy is going to implode."
Billionaire Barry Sternlicht, chairman and CEO of Starwood Capital Group, spoke to CNBC about the state of the U.S. economy. He warned that the U.S. economy would implode and stressed that interest rates must come down.
He further said that the U.S. economy "is going to have a hard landing." Following the Fed's 25 basis point hike on Wednesday, Sternlicht reiterated that the Fed should have stopped raising rates amid the current banking crisis: "I think you have to lower rates. That's how you recapitalize banks. I think they've done that already." Enough is enough. The bond market will tell you what's going to happen. The bond market is right. Rates have to come down. The economy is going to implode."