Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has warned that more banks in the U.S. will fail as the Federal Reserve continues to hike interest rates. He stressed: “It will break down in the regional banks, which support 60% of the economy … We’ve started to see the cracks.”
Kevin O’Leary Foresees More Bank Failures
Shark Tank star Kevin O’Leary, chairman of O’Shares Investments and O’Leary Ventures, has predicted that more banks in the U.S. will fail as the Federal Reserve continues to raise interest rates.
Sharing his prediction in an interview with CNBC on Thursday after the Fed announced its latest interest rate hike, O’Leary stressed: “You keep squeezing the toothpaste tube, you keep rolling it up, you keep raising rates, and you know things are going to break, you just don’t know when and where.” Mr. Wonderful opined:
I am just predicting — and I am very cautious on this — it will break down in the regional banks, which supports 60% of the econo
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