More Financial Market Pain Ahead Until This Major Blowup Occurs: Kevin O’Leary
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More Financial Market Pain Ahead Until This Major Blowup Occurs: Kevin O’Leary
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"We're having a garden variety correction," as the market tries to figure out what comes next, asserts Shark Tank star Kevin O'Leary, also known as Mr. Wonderful. "We're getting close to a bottom," he tells our Daniela Cambone, on the first edition of the new monthly series: WonderBerry. O'Leary questions what portion of inflation is transitory, as Target and Walmart saw severe downturns this past week, "not due to consumer demand, but increased costs." "This market is not yet finished trying to find its equilibrium, and at the end of the day, inflation is [the Fed's] number one mandate," he states. The Biden administration's efforts to still push the Build Back Better Act within this current environment is, "sheer madness," O'Leary exclaims, saying it would be financial suicide for the nation. "I remain bullish on crypto from the perspective of productivity," he continues saying that these different [cryptocurrency] projects are software, not just a digital currencies. One of the biggest problems the crypto space is facing right now, "is getting access to semi-conductors to build out data centers... there are none," O'Leary concludes.