Long time readers know, I’ve never been a fan of Kevin O’Leary. I took Kevin O’Leary to task on his lamenting that the business model of producing products in Canada and Mexico, and then selling those products into the U.S. was threatened by Trump. He seemed oblivious and uncaring towards the plight of American workers getting left out in the cold in a business model like that.
In a recent debate on CNBC, O’Leary said that most small businesses shouldn’t be bailed out because the U.S. economy is in a digital transformation right now so companies are going to fail so it’s better to just let them fail.
John Bryant pointed out that five of Kevin O’Leary’s small companies took PPE loans. What?!
Once again we have a case of the rich wanting a moat around their business with socialist like help from the government to bail out their speculation activities but for the small business little guy, it’s free market and no bail outs. Socialism for me, free market for you, is the call of most rich and powerful people.
John Bryant makes the point that if too many mom-and-pop small businesses fail, there will be an outward ripple effect that will pull down big business too. If too many small businesses fail, and these small businesses employ about half of the public, that will hurt big businesses in the form of less demand for their goods and services.
Talks on Capitol Hill are ongoing for the next coronavirus stimulus package. Meanwhile, a group of CEOs are calling for immediate aid for small businesses. John Hope Bryant, chairman and CEO of Operation Hope, and Kevin O’Leary, chairman of O’Shares ETFs and co-host of “Shark Tank,” join “Squawk Box” to discuss whether the government should bailout small businesses during the crisis.