‘Rich Dad’ author says the 2016 market collapse he foresaw in 2002 is coming
” In 2002, Kiyosaki wrote that the stock market would crash in 2016 as the first wave of baby boomers began to hit 70 1/2 in 2016 and started taking required-by-law distributions from traditional individual retirement accounts.
He still believes that: “Demography is destiny.”
According to U.S. Census Bureau data, more than 76 million individuals were born between 1946 and 1964; researchers at the Population Reference Bureau determined in 2014 that 65 million of them were still living. After immigrants are added in, according to that 2014 report, the number of living U.S. baby boomers was back above 76 million.
“Interest income or cash flow on savings is virtually nonexistent, and capital-gains plays in the stock market are thwarted because stock prices are at record highs,” he said.
Whatever burden millions of boomers might put on the market, he said, the situation is being made worse by events overseas, where one big country is wielding the monkey wrench.
” China has been in a bubble for 20-something years,” said Kiyosaki. ” It has propped up the U.S. economy falsely. When [China] stops importing, the world crashes with them. ”
Bendix in Cleveland: “America’s in recession”…Freezes Everything; No Hiring: Layoffs Pending
Sorry, no links, info from inside the Company, which is a subsidiary of Germany’s Knorr-Bremse, and makes a lot of stuff for 18-wheelers & other big-rig commercial trucking applications