Kevin O’Leary Rips Liberals (Uncut) 04-10-2025

April 10, 2025

0 8 minutes read

Kevin O’Leary Rips Liberals: Trudeau Wrecked Canada, Carney Will Finish the Carnage

The Canadian federal election called amid a trade war with the United States is being considered one of the most consequential in Canadian history as the nation faces down U.S. President Donald Trump. We are joined once again by Mr. Wonderful Kevin O’Leary. Kevin, good to see you.

We’re speaking ahead of the much anticipated debate between Conservative leader Pierre Polyev and the Liberals Mark Carney. The Liberals had been trailing the Conservatives by 25 points for almost two years until now. Recent polls now showing the Liberals having a double-digit lead, placing them in majority government territory if the election were to be held today.

Kevin, your take on the latest polls here? Actually, I looked at that data. You’re talking specifically around Ontario. Really interesting numbers there.

People over 35 years old are definitely voting for the Liberals right now, and Carney. Perhaps they like the stability he seems to provide. Anybody under 35, it’s the other way.

I’m a little surprised, and I think there’s going to be some volatility in these numbers over the next few days even, because the tone in Washington is changing so much. Carney was masterful in making Trump the entire focus of why he could save Canadians and really did a great job in getting people not to think about the party’s performance over the last decade, which has been the worst in Canadian history, just measured by GDP growth and all the other economic metrics, leaving out the emotion. The lack of executional skill of the previous Trudeau government, and then what’s concerning to me the most is all of the same managers.

When you form a cabinet in the parliamentary system, you’re giving these mandates to people like Freeland and others who are still there. You’ve got the same people that destroyed the country’s economy and pretty well everything about Canada and stopped developing its resources and all the rest that’s well documented now. They’re still there.

You’ve let Carney take the shiny bead of Trump and say, look at this distraction, this horrible guy. Only I can save you because I worked at the Bank of Canada and the Bank of England. By the way, his performance at the Bank of England, even the ex-prime minister there said this guy was terrible.

You really have to start thinking about what are you doing? Do you really want the same managers to keep going? I mean, and by the way, the policymakers are the same. You’ve got Gerald Butz who destroyed the energy sector and resource sector. They’re all the same.

And so what I’m hoping happens in the debates is that we get focus on the performance of what you’re buying into. Same management, same crew, same liberal party with everybody focusing on the shiny bead of Trump. But Trump’s not beating up Canada alone anymore.

It’s a giant 60 country negotiation. And so that patina, that focus may wear off a little bit and people say, wait a second, do I really want this? Or maybe I should give a new team a chance. And that’s what we should all be hoping for.

But look, you’re right. These numbers look very, very scary because we know that Carney, and this may be, you know, the wolf in sheep’s clothing, he’s a globalist, he’s a devos elitist, and he hates energy, and he loves carbon taxes, and he wants to put a cap on the energy sources in Canada, which is crazy. It’s our biggest asset.

It made us rich in the first place. All of that is coming back with Carney. And so people should think about that.

I’m working very hard to get the message out as well as many others are. Do you trust him to actually, you know, move away from the policies of destruction to the Canadian economy? Or is he masterfully using the Trump shiny bead to keep this horrific team of managers in power? You know, it’s interesting, Kevin, that poll also shows that for the over 60 crowd, the most important factor when deciding their vote is who can best negotiate with President Donald Trump more than, you know, the economy, reducing the cost of living. So the question is, what should, or what must Pierre Pogliev do during the debate? You know, one newspaper headline suggests that he needs to bomb the bridge of Carney’s credibility to win it.

I think the debates are crucial. I think the fact that by the hour things are changing in Washington is crucial, keeping everybody focused on the fact that they should be putting Canada at the head of what they’re thinking and you need new management. I think that kind of thing should come up in the debates and then go through Carney’s track record.

He advised Trudeau for the last five years. All of this destructive policy, all of this lack of performance, all of the sound economic numbers that collapsed during this last five-year period and all of the debt that was put on the majority before the pandemic are all at the feet of Carney. He’s got the blood on his hands of putting a quarter of the population at the poverty line.

That has to be attached to Carney. Otherwise, if Pogliev is not successful in doing that, there’s a chance that Canada could continue its downward spiral with some very, very poor managers. What about news reports surfacing that China is interfering in the Canadian election? Canadian officials monitoring the federal election for foreign interference said this week they have detected a Beijing-backed operation on the Chinese social media platform WeChat focused on liberal leader Mark Carney.

These stories come out all the time. I think it’s kind of irrelevant to the election. The Chinese do this to everybody.

I would assume they’re hacking every single country trying to influence. That’s what they do. They’re pretty blatant about it.

They do it in the US. They do it in Europe. They’re doing it in Canada.

I’m not sure we have the best tech right now for defending ourselves. These are really old computers and servers in government. It doesn’t surprise me, but I don’t think it’s going to have much impact on the outcome.

It’s going to be the most important election. Of course, every election is important, but this one is about the heart and soul of the country’s economy and the benefit of the Canadian people. We have just been slaughtered with bad management.

It’s so depressing to look at the numbers. They don’t lie. This isn’t emotional.

We actually only grew 1.4% in a decade, not per year, in the whole decade. No one has ever done that ever before to Canada. Why would anybody want more of that? I just don’t understand it.

You have been speaking out about the role of Gerald Butts, how instrumental he was in helping Trudeau win, and how he is now helping Carney’s campaign. The question is, can he once again seal the deal? You bring up a good point with Butts. Butts was the policymaker behind.

We’ve all learned now, unfortunately, that Trudeau is an empty suit. He was the idiot king. It’s so unfortunate for Canada.

Butts did all the policy, along with Telfer, and so they’re still there. Butts is self-declared. He’s hell-bent on turning Canada into a green utopia.

No energy, no pipelines, no development of resources. That’s not what Canada is in Butts’ utopian vision. Everybody can have an opinion, but I don’t see Canada surviving as an economy with these policies amped up.

All he did was say, look, let’s just take the carbon taxes off the consumer and let’s double down on business. Let’s make our economy the most uncompetitive place to invest on earth. He was successful in getting foreign investment down to zero in Canada, including our own pension plans, OMERS and CPP.

They don’t invest in the country either, and they invest outside of Canada on behalf of the Canadian people, but not a dime into Canada. We know that over the last 10 years. That’s all Gerald Butts’ policy.

He really, really wants us to live in some kind of country that is basically broken. Kevin, let’s turn our attention to the market now. What is an investor to do with all this volatility? You can’t time the market.

It was a 2000 point swing yesterday, and that’s the same as it was during the pandemic chaos. I mean, you know, the market’s going to trade based on emotion right now, but I’m just staying long and I’ve added a little bit of, I can’t catch the bottom obviously, but these are buying opportunities. We’ve gone from 22 PE down to 17 PE.

That’s really interesting. This may be a buying opportunity. There may be further declines, but I’m optimistic long term.

It’s really about just waiting out this volatility. There’s a giant negotiation going on, and 70 countries are already talking about going to zero tariffs on equivalent basis, and then they have to negotiate trade deficits. Because the US economy is 39% of all consumption worldwide and 25% of the world’s GDP, there’ll always be trade deficits.

It’s which sectors Trump’s deciding on where he’s willing to tolerate them and where he’s not. The question is, does the US and President Donald Trump come out on top? Do they win? Yeah, I think he will. I mean, it seems to be happening already.

You saw Israel yesterday in the White House already offering zero tariffs both ways, and then trying to figure out a way to reduce the deficit. So that kind of narrative is going to be going on. But the real prize right now is the EU.

It’s the biggest one to negotiate. So if Trump just focused on the EU, the market would like that. Get around to Canada later.

It’s very important energy cooperation we have to have. We should have zero tariffs with the US as well, and we will get there. I would prefer a new government to negotiate that, but I may not get my wishes.

And let me add, I mean, look, I want to support whatever happens. It’s country first. And so we have to rally around whoever the new prime minister is.

But I’m hoping it’s not a carbon tax. And what about China? They refuse to back down from the tariff threats. Does the China card matter? Yeah, sure it does.

But their economy is a lot weaker than the US. So the US can sustain a prolonged escalation. But I don’t think it’s going to be that long.

I think China will be at already at 70% tariffs right now. By tonight, they’ll probably be at 110. It’s just going to keep going until Xi gets on a plane and cuts the deal with Trump.

All right. Thank you, Kevin O’Leary. We will check back with you as we get closer to the Canadian election April 28.

And thank you all for watching. We’ll have more content coming your way. So be sure to stay tuned to the Daniela Cambona show.