'BIDENOMICS 2.0': Kevin O'Leary tears into Harris' 'inflationary' price control plan

Published: Aug 18, 2024 Duration: 00:03:49 Category: News & Politics

Tags : news money US us news Kamala Harris us politics politics donald trump media China fox economy inflation republicans 2024 election 2024 presidential election democrats tariffs Fox Business Fox Business Network varney fbn kevin o'leary Kamala Harris price control proposal Kamala Harris price controls O'Leary Ventures Stuart Varney Trump foreign policy Trump tariff proposal US media Varney & Co. finances inflationary pressures price controls price hikes

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OUT WHOSE PLAN AFFECTS THEM MORE, STU. STUART: EDWARD, THANK YOU. LISTEN TO WHAT KENTUCKY DEMOCRAT GOVERNOR ANDY BESHEAR SAID ABOUT KAMALA HARRIS' PRICE FIXES PROPOSAL. >> THIS ISN'T ABOUT TRYING TO PRICE FIX BUT MAKING SURE THAT THE ECONOMY IS OPERATING THE WAY IT SHOULD. BUT THIS IS REALLY SUPPLY AND DEMAND, WHICH WE ALL RESPECT. IT'S JUST MAKING SURE THAT COMING OUT OF THE PANDEMIC, WE'RE IN DIFFICULT TIMES THAT PEOPLE AREN'T INCREASING THE PRICE OF FOOD JUST TO MAKE A BIGGER PROFIT. ALL IT IS IS MAKING SURE THAT CAPITALISM STAYS WITHIN THE GUARDRAILS AND IT'S NOT NEW. WE'VE BEEN DOING THIS IN THE STATES FOR A LONG TIME. STUART: KEVIN O'LEARY JOINING ME NOW. I HAVE A FEELING YOU DON'T AGREE WITH THAT, DO YOU? >> NO, I DON'T. I HAVE TO LOOK AT IT THROUGH THE LENS OF AN INVESTOR AND INVEST IN REGARDLESS OF WHO'S IN THE WHITE HOUSE AND PUT MY EARS UP FOR THE POLICY AND SPOKE WITH DOZENS OF INVESTORS AND WE'RE QUITE SHOCKED AND JUST FROM THE 30,000 FEET, WE THOUGHT SHE WAS -- HARRIS WAS GOING TO REBOOT HER WHOLE POSITION TO THE MIDDLE. THE IDEA WAS TO GET THE SWING VOTERS ON BOARD WITH HER WITH A MIDDLE STRATEGY. INSTEAD WE'RE GETTING BIDENOMICS 2.0, WHICH IS A SHOCK. IN ADDITION TO BIDENOMICS 2.0 LOOKING THROUGH RALLY PROPOSALS, IT'S BASICALLY THE SAME STUFF THEY'VE BEEN TOUTING FOR THE LAST 36 MONTHS. YOU'VE GOT THIS PRICE CONTROL, PRICE FIXING, ON TOP OF IT, WHICH WE KNOW DOESN'T WORK. DOING BACK TO THE 70S TRYING THIS IN THE U.S. AND IT WAS A DISASTER AND LOOK AT VENEZUELA TODAY AND NORTH KOREA OR OLD USSR TRIED THIS. IT LEADS TO BLACK MARKS AND LEADS TO COMPLETE LOSS OF FREEDOM OF GOODS. AND A BREAKDOWN FOR DISTRIBUTION. THIS IS A REALLY, REALLY BAD IDEA. AND I'M SO SHOCKED THAT SHE'S DOING IT. WE'RE ALL SHOCKED, WE CAN'T BELIEVE THIS IS THE PLATFORM. WE'RE ALMOST STUNNED BECAUSE THIS LEADS TO A POSITION AS YOU'RE SAYING GETTING THE SAME THING YOU HAD AND BIDENOMICS IS A BRAND AND TOXIC WASTE FOR THE SWING VOTER AND ASSOCIATED WITH INFLATION AND ALL OF THESE IDEAS ARE VERY INFLATIONARY. STUART: TURNING ATTENTION TO THE DONALD TRUMP SIDE OF THE COIN. ONE EXPERT WARNS THAT TRUMP TARIFFS COULD SPARK A TRADE WAR AND INFLATION SHOCK WITHIN A YEAR. WHAT DO YOU THINK ABOUT THIS? >> GETTING TO A LEVEL PLAYING FIELD IN TRADE. PERSONALLY I DON'T LIKE TARIFFS LONG TERM AND I UNDERSTAND THIS WEAPONRY AND WHAT I PREFER HAPPENING IN EITHER ADMINISTRATION IS TO ACTUALLY TURN UP THE DIAL AND THE TIME WHEN THE CHINESE ECONOMY IS NOT IN THE STRONGEST POSITION AND FORCE THEM TO THE TABLE ON IP LAW IN RECIPROCAL LAWS AND ACCESS TO PUBLIC MARKETS AND I FEEL THIS WAY NOT BECAUSE OF ACADEMIC RESEARCH. I'M AN INVESTOR AND HAVE POSITIONS IN CHINA, AND JUST SO EVERYBODY KNOWS WHY I'M SO BIAS, THEY HAVE SCREWED ME OVER THE LAST 12 YEARS. I HAVE NO ACCESS TO THEIR COURTS, I CAN'T UNDERSTAND WHY THEY GET TO LIST THEIR COMPANIES AT THE SAME COST OF COME PHONE LINES THAT I HAVE TO PAY. IT'S TIME TO REALLY MAKE THEM UNDERSTAND NO MORE ACCESS TO THE U.S. MARKET UNLESS WE GET A RECIPROCAL PLACE. SQUEEZE CHINESE HEADS IS WHAT I'M WILLING TO DO. SO I LIKE TARIFF POLICIES, NOT FOREVER, BUT TURN THE HEAT UP TO A BLOW TORCH TEMPERATURE NOW. LET'S GO. STUART: UNDERSTOOD AND TARIFFS AS A WEAPON

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