Kevin O'Leary: Biden-Harris commerce secretary is going to 'TAKE HEAT' for jobs revision

Published: Aug 22, 2024 Duration: 00:03:21 Category: News & Politics

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>> I DON'T -- I'M NOT FAMILIAR WITH THAT. ELIZABETH: JOINING US NOW, O'LEARY VENTURES' CHAIRMAN, THE ONE AND ONLY MR. WONDERFUL, WE LOVE KEVIN O'LEARY. HE'S GREAT TO HAVE ON. WONDERFUL TO SEE YOU. KEVIN, WHEN YOU SAW THAT,S WHAT WAS YOUR REACTION? >> UM, THESE ADJUSTMENTS HAPPEN ALL THE TIME. THIS WAS AROUND 60,000 PER MONTH IF YOU LOOK AT IT, THE 80000,000 OVER A 10-MONTH PERIOD, 112-MONTH PERIOD. -- 12-MONTH IF PERIOD. MARKET DIDN'T CARE, TO BE HONEST WITH YOU. POLITICALLY, IT'S A HOT POTATO AS YOU'VE JUST SEEN, AND YOU'RE MAKING A POINT RAISING IT, BUT ACTUALLY YIELDS WENT UP TODAY. EVERYBODY'S MORE INTERESTED IN WHAT'S GOING TO HAPPEN WITH FED SPEAK REGARDING THE CUT THAT IS BEING PROMISED OR AT LEAST RADIOED FORWARD AT 25-50 BASIS POINTS. AND THE ECONOMY'S NOT DOING THAT BADLY. BUT THIS WAS ONE OF THE BIGGER ADJUSTMENTS I'VE SEEN IN A WHILE AND, YEAH, IT'S GOING TO BECOME A HOT POTATO. WHY NOT? BUT DOES IT REALLY MATTER FOR INVESTORS LIKE ME? NOT REALLY. IT'S REVISIONISTIC. IT'S THE PAST. I ONLY CARE ABOUT THE FUTURE. ELIZABETH: OKAY. SO, YOU KNOW, SHE'S CLEARLY PLAYING POLITICS, RIGHT? SHE IS BASICALLY DOWNPLAYING THE WIPEOUT OF THE 818,000 JOBS BECAUSE IT ALSO ERASED 115,000 MANUFACTURING JOBS, THAT ,000 -- 45,000 CONSTRUCTION JOBS THAT SHE'S BEEN TOUTING FOR A FEW YEARS NOW, MEANING THE GROWTH IN THOSE SECTORS. BUT, YOU KNOW, SHOULD SHE TALK LIKE WHAT -- THAT WHEN THE FED DID HIKE RATES HIGHER BY 7 A 5 POINTS MISTAKENLY BELIEVING THE JOBS MARKET WAS 818,000 JOBS STRONGER THAN IT REALLY WAS? WALL STREET BRO DAVID ROSEN -- PRO DAVID ROSEN BERG IS POINTING THAT OUT. WHEN YOU SEE THE DOWNPLAYING AND SHE'S A SECRETARY IN THE CABINET, WHAT DO YOU THINK? >> WELL, I THINK SHE'S GOING TO TAKE HEAT FOR IT. IT'S GOING TO COME IN THE NEXT 72 DAYS. BUT THERE'S ANOTHER PIECE OF BUSINESS THAT A SHE HASN'T ACCOUNTED FOR YET, THAT'S THE CHIPS AND SCIENCE ACT. YOU KNOW, A TON OF MONEY, NOT A DIME OF IT GOING TO SMALL BUSINESS IN AMERICA, AND MANY DOLLARS OF IT GOING TO FOREIGN COMPANIES BUILDING PLANTS IN AMERICA WHERE MANY OF THE JOBS AREN'T ACTUALLY HERE. AND SO CHIPS AND SCIENCE WAS A BIG ACT. SOME FEEL VERY INFLATIONARY. I THINK IT WAS. I READ IT. NOT MANY PEOPLE DID. AND I COULDN'T FIND A SINGLE LINE -- AND I MET WITH THE SECRETARY, AND I DON'T MEAN ANY DISRESPECT TO HER AND HER STAFF. I SAID, HEY, I REPRESENT ENTREPRENEURS IN AMERICA. WE CREATE 632% OF THE JOBS. -- 622%. CAN YOU SHOW ME A SINGLE PARAGRAPH IN HERE THAT GIVES US MONEY WHEN YOU'RE GIVING IT ALL AWAY TO THE BIG GUYS AND NOTHING FOR THE SMALL GUYS? AND THEY DIDN'T. AND I THINK THAT WILL COME TO ROOST. I THINK THIS IS ABOUT POLICY NOW GOING FORWARD. WE'VE GOT TO GET SOME, GET SOME MORE POLICY BECAUSE THIS HAS BEEN A GREAT CONVENTION WITH NO INFORMATION. ELIZABETH: HAVE YOU BEEN FRUSTRATED WATCHING IT, KEVIN? BECAUSE, YOU KNOW, IT'S LONG ON RHETORIC BUT, YOU KNOW, SHORT ON SUBSTANCE. WERE YOU FRUSTRATED LOOKING AT IT? >> I CAN'T WAIT FOR YOU TO INTERVIEW HER. I WANT THE PRESS TO ASK HER HOW SHE'S GOING TO DO ALL THIS STUFF, BECAUSE I THINK A LOT OF THIS POLICY IS IMPOSSIBLE TO IMPLEMENT, AND IT'S HAPPY TALK. IT'S YOUR TURN NOW. ELIZABETH: WE HOPE. WE'LL TRIED TO DO IT, KEVIN.

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