Is the bank system sound? Robert Kiyosaki, Andy Schectman

Rich Dad Radio Show, Released on 3/17/23

The institutions that are deemed “too big to fail” will always be bailed out. In his book, “Conspiracy of the Rich: The 8 New Rules of Money,” Robert Kiyosaki wrote that “bailouts are the name of the game.” This week, the Fed bailed out two regional banks that collapsed. As depositors of those banks feared money in their accounts was gone, the Fed stepped in to replenish any of the money depositors would have lost – including accounts holding over $250,000. Janet Yellen, Treasury Secretary, told senators that this guarantee will not be extended to smaller regional banks in the future. Lawmakers are concerned these backstops could become a new norm for big banks, giving “too big to fail” banks an unfair advantage over community lenders.

Andy Schectman is the President and CEO of Miles Franklin Ltd. Precious Metals. Prior to starting Miles Franklin, Ltd. in 1989, Andrew became a Licensed Financial Planner, specializing in Swiss Franc Investments and alternative investments. At Miles Franklin Ltd., a company that has eclipsed $5 billion in sales, Andrew has developed an operation that maintains trust, collaboration, and ethical behavior, superior customer service and satisfaction to better serve their clients. He is responsible for overseeing the firm’s operations and business functions; including strategy and planning, account management, finance, and new business.

Robert Kiyosaki is best known as the author of Rich Dad Poor Dad, the #1 personal finance book of all time. His book titles hold four of the top ten spots on Nielsen Bookscan List’s Life-to-Date Sales from 2001-2008 alone. Robert is an educational Entrepreneur and real estate tycoon, co-creator of the CASHFLOW® board game, founder of the financial education-based Rich Dad Company and author of New York Times Bestsellers: Rich Dad’s Conspiracy of the Rich, and Unfair Advantage: The Power of Financial Education. Robert Kiyosaki is among the first to have warned Americans of an impending collapse in the US real estate market, famously prophesizing, “Your home is not an investment,” years before the Panic of 2008. His latest book is Capitalist Manifesto.

Notify of

Inline Feedbacks
View all comments