Markets have seemingly begun their crescendo in the wake of political uncertainty and recession fears, and “Shark Tank’s” Kevin O’Leary has expressed concerns over how a Democratic ticket could handle an economic downturn.
“Even the most bearish economists right now don’t see more than a 50/50 [recession] chance. So I’m still in the soft landing camp. But, policy is now becoming a risk with investors,” the O’Leary Ventures chairman said on “The Evening Edit” Monday.
“After August 7, when the happy days are over, then there’s risk,” he added. “And, of course, we need to see [Kamala Harris] move to the center.”
O’Leary’s comments came on the heels of a global market sell-off on Monday, with the Dow shedding 1,033.99 points, or 2.6%, while the Nasdaq Composite and S&P 500 fell 3.43% and 3%, respectively. The Dow and S&P 500 closed out their worst day since September 2022.
KEVIN O’LEARY DETAILS HOW HE WOULD FIRE THE SECRET SERVICE CHIEF
A weak jobs report and shrinking manufacturing activity in the world’s largest economy, coupled with dismal forecasts from the big technology firms, pushed the Nasdaq 100 and Nasdaq Composite into a correction last week.
And since President Joe Biden announced he’s no longer seeking re-election for a second White House term, O’Leary claimed he’s spoken to advisers on both sides of the aisle to weigh their economic plans.
“I talked to some people, including those who’ve been advising Harris in the last 14 days, and they don’t see any reason to come and talk to the press yet. They’re still in the happy phase, and they’re killing it in fundraising,” O’Leary said, “and they have the next big happy phase when she picks the vice president.”
Harris picked Minnesota Gov. Tim Walz as her running mate on Tuesday, but the “Shark Tank” investor stressed an agenda that leans more towards the middle.
“Go back up to Canada years ago when Justin Trudeau never gave any policy, never gave any press interviews, and he just kept telling everybody, ‘Don’t worry, it’s sunny ways.’ And he got elected with a landslide. And boy, was that a mistake for Canadians,” he started to explain.
“They got decimated. Turns out he had no executional skills. Does VP Harris have any executional skills?” O’Leary begged the question. “She has a double-whammy challenge. She’s got to go to the center with policy. Everybody understands, including me and every other investor. And then, she’s got to convince everybody in those seven swing states: I can get the job done.”
“Because if you don’t know what you’re doing, because you’ve never executed anything and you don’t know how to do it, like the Trudeau story, you decimate your country.”
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FOX Business’ Matthew Kazin contributed to this report.
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