STORY: While most economists have said that current instability in the banking sector is nowhere near the breadth and depth of the global financial crisis of 2008-2009, Belanger still believes investors should steer clear of snapping up shares of banks "that are on a short list of being in trouble."

Belanger also believes the U.S. Federal Reserve is "on a tight rope," and that while Chair Jerome Powell "has been steadfast that he wants to get rid of this inflation... I don't believe he's going to be able to raise rates to the level that needs to happen to do that because there's now a side effect of all this - which is these unrealized credit losses at these banks."