By Mark Gray
2:30am PDT, Aug 31, 2023
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"Shark Tank" star Kevin O'Leary might be the grinch who stole Christmas with his grim holiday prediction.
The TV star believes the United States is headed toward a "rebalance" due to what he says was a disproportionate investment in larger companies opposed to small businesses.
The impact of those investments will be felt in the months leading up to the holidays, Kevin said: "This gets worse before it gets better. And what's it doing to small business? Killing them right now," he told Fox Business's Larry Kudlow.
Keep reading to see why the man known as Mr. Wonderful thinks the coming months could be an even more trying time for many Americans…
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With mortgage interest rates at a 22-year-high and rumors of a recession still looming, Kevin O'Leary told Fox Business's Larry Kudlow, "What I anticipate is going to happen here, while we still have full employment which is remarkable, and you don't put any capital into the small business sector, which is 60% of the jobs in America, you're going to start to see some real chaos come September, October, November. This is an issue for Congress, Larry. It's very simple."
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Based on the numbers, the U.S. economy has remained rather resilient, but Kevin O'Leary thinks mistakes were made, claiming the government "gave all their money to S&P 500 in two acts, the Chips and Science Act and the other, Inflation Reduction Act."
He added in an interview with Fox Business's Larry Kudlow, "Not a dime for small business. A trillion for the big boys, nothing for the small guys. And the small guys, they run America, so it has to be rebalanced somewhere."
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Kevin O'Leary's prediction came after the Fed chair, Jay Powell, claimed another interest rate hike isn't out of the question.
"We are prepared to raise rates further if appropriate and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective," he said on Aug. 25.
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In a separate interview with Fox News, Kevin O'Leary was asked about Warren Buffett selling $8 billion worth of stock. Some took this action as a sign that the Nebraska-based investor is betting on a downturn in the stock market.
The "Shark Tank" star reacted with what equated to a yawn: "Warren Buffett selling $8 billion worth of stock is a rounding error in his portfolio. It's almost meaningless. It doesn't matter," Kevin told Fox Business's Larry Kudlow. "He's just trying to stay diversified, and my bet is that sale is actually one of his new managers just trimming a portfolio, and that's why the market doesn't care that much about it."
