00:00:00.000Hi, I'm Candice Malcolm, and this is The Candice Malcolm Show. We have a great episode for you
00:00:07.400today. I'm going to jump right into an interview. I'm so pleased today to be joined by Kevin O'Leary,
00:00:11.840Canadian businessman, investor, and television personality. Kevin, great to have you. Thank you
00:00:16.540so much for joining us. Thank you. Okay, so we have an election. Mark Carney has officially
00:00:22.800dissolved Parliament, and we are into a five-week election, the shortest one, I believe, in Canadian
00:00:27.120history, the shortest one that is allowed. So what is your impression of this short election
00:00:33.020campaign in front of us? It's very unique, this situation. First of all, it's very important
00:00:41.660because we're in a bad place right now with our largest trading partner, the United States,
00:00:46.000and there's no federal mandate yet. There's no one to go and negotiate. The provincial leadership
00:00:51.260has been going back and forth to Washington now for about six weeks, province at a time. So the
00:00:58.040premiers are not having much success because the administration there knows that they can't do a
00:01:03.380pan-American deal. And so it's very chaotic. In addition, we're seeing a lot of flexibility or
00:01:09.880movement in the tariffs out of the United States, a better schedule supposedly being drawn down on April
00:01:17.3202nd, including 15 countries that the major focus will be on Wave 1 and Canada's in that group. So it's
00:01:25.580important that we have this election and we choose a leader. Now, which leader to choose is going to be a
00:01:33.980very interesting contest. Well, it's interesting because if you would ask Canadians two months ago,
00:01:41.180everyone was dying for an election, and the top issues were all to do with cost of living, cost of
00:01:45.940housing, immigration, everything related to just how unaffordable Canada has become. In the last two
00:01:51.580months, Kevin, it's switched. And the number one campaign issue by, according to Canadians, by polling
00:01:57.040is Donald Trump and the tariffs. So he's totally thrown a wrench into the entire Canadian political
00:02:02.640system. Do you think that's having the intended impact that he wanted?
00:02:07.440I don't think he necessarily cares how it affects other countries' situations. You know, it's not
00:02:15.820just Canada that's going through this twisting and turning. We know that Britain, France, Switzerland,
00:02:21.080Mexico, as well as almost 11 other countries are going to have the same issues. But we're in a unique
00:02:27.420situation because we're in an election, yes. So it's very fortuitous for the liberals to have this
00:02:31.660because they were trailing so much in the polls. And now we have polls that are neck and neck. And so
00:02:37.440this is an important campaign period to hear the messages from both leaders about how they're going
00:02:43.620to deal with Trump. But I think what's going to happen, and it'll happen pretty quickly, it's not
00:02:49.200just about Trump. Canada's in trouble. Its declining economy, as measured by numbers over the last 10 years,
00:02:58.900are frightening in terms of foreign capital invested, GDP growth stalled out, debt per capita. No matter
00:03:04.560what you measure, it is dropped from second quartile to the very bottom of the G7 and bottom quartile
00:03:10.620to the G20. So something's wrong in our policies. And I anticipate these policies will be revisited during
00:03:19.460the campaign. Obviously, Trudeau is gone. But the policies that he put in place from the original mandate,
00:03:27.960majority mandate he had, those policymakers, Gerald Butts, Telfer, Chief of Staff, Freeland, they're all still there. So which surprises
00:03:39.680me. I'm really surprised. I would have thought if Carney would have got rid of the deadwood so he didn't have that
00:03:45.960baggage on him, because I am sure that Pierre Polivier will make sure everybody realizes it's the same old liberals 2.0 as part of his
00:03:55.020campaign pitch. And he has a point there. I mean, when you bring Gerald Butts back into the story, the guy that wrote the
00:04:01.020laws that wiped out foreign investment in the energy infrastructure and mining in Canada and all kinds of other projects as he took
00:04:11.000back the rights from provinces to issue permits, particularly around power. This was catastrophic for Canada. And I don't know if you
00:04:19.940recall, but October 2023, and I know this because I'm an investor, most foreign capital avoided Canada for the last seven
00:04:26.940years, including Canada's own pension plans. We don't invest in Canada anymore because we can't. The permitting process is 7 to 19 years,
00:04:35.940nothing goes forward. That's all the liberal policies from Butts and Telfer, Freeland. And so I can't, they'll be back on the hot seat. They'll be looking at those policies and saying, I'm not going to be a
00:04:47.940at those policies and saying, we're just getting more of the same. We've got to sweep house.
00:04:51.940Well, I hope so, because I think that the media in Canada and the liberal party would be more than happy to run a five week campaign talking about nothing but Donald Trump and the threat from American tariffs. I think it's incumbent upon independent media and the conservatives as well to talk more about Carney and his ties to the liberals as you mentioned. One thing that I find interesting, Kevin, I'll get you to comment on it, is that Mark Carney's own company, Brookfield Asset Management, moved its head
00:05:17.920headquarters to New York just after Donald Trump was elected. Of course, Carney was part of that decision. But if you look at the balance sheet of that company, and you look at the profits that they've made, they've had incredible growth in the United States in investing. And in Canada, their investments have shrunk. So even before the move happened to try to change the stock index or whatever it was about, they were still voting with their money, essentially, to invest in American products and American infrastructure and companies and to leave Canada. What does that say about
00:05:47.900Mark Carney? It says the policies of his party, the liberal party, were not good for the country. It's not just Brookfield, every sovereign wealth fund from the Norway, right through to the UAE, the Saudi funds, all of them, the large schools of capital on earth, used to put in about two and a half, 3%. We're about two and a half percent, 3% of the world's GDP. We got indexed that way. But pretty early on in the Trudeau liberal policy campaign, that got
00:06:17.900brought down to zero. And so nobody invests in Canada anymore, including Brookfield. And so they, as you say, move their headquarters. It's catastrophic in terms of what happened. Now, it really be, as you've pointed out, important in the debate between leadership, because if Carney comes in with the same policies, and every indication from what I can see, keeping the same staffers around that wrote these policies, I can't believe that would be good for him, unless
00:06:47.880unless he thinks he can ride the Trump wave right into the prime ministership, and maybe he can. We'll wait and see how this goes. But I think this is going to be a wild ride.
00:06:57.880You know, if you look at the sweep in other nations away from the same kind of, for lack of a better word, elitist Davos climate change type narrative that Carney has championed for years, is that really what Canada wants? I don't think so. And I think he has to be able to try and change his spots or his colors pretty quickly, because he is a Davos
00:07:27.860elitist. And people know that about him. And that's how he wanted to be known. More passports than I have, I don't know how long he spent in Canada, until recently, and whether he's ever bought any eggs or bread in a Canadian grocery store, I have no idea.
00:07:43.860Those are good questions. And you know, if only he would allow independent media into his press conferences, we would try to ask him those questions. But of course, he's more tied down, more strictly tied down than even Trudeau was with regards to a free press.
00:07:55.860You mentioned that Mark Carney will try to run the campaign against Donald Trump. I just want to play this quick clip, Kevin, and get you to react to it. So Mark Carney said that Daniel Smith's endorsement of Pierre Polyev, so Alberta Premier Daniel Smith has come out and endorsed Pierre Polyev.
00:08:12.860Mark Carney says that that endorsement indicates that Pierre Polyev is aligned with Donald Trump. And so therefore, a vote for Pierre Polyev is a vote for Donald Trump. Let's play that clip and I'll get you to respond to it.
00:08:25.860With respect to the Premier's comments, I take note of her alignment of Monsieur Polyev with Mr. Trump. And would note that that's one of the decisions that Canadians will have to make, whether they want a government that is unifying, standing up for Canada, and is taking focused action to build a better economy.
00:08:54.860Or they want division and Americanism. And that's what Mr. Polyev seems to be offering and just endorsed by the Premier of Alberta.
00:09:04.860You know, I find that quite humorous because a strong economy in Canada would be based on energy and energy exports. And Alberta has almost four times the reserves of the entire United States in just oil alone. And where do they export it to? The United States. It's the number one trading partner. So just
00:09:33.840suggest there would be a good idea to cut that off or not to engage with the largest trading partner during these difficult times would be very foolish. And I think in saying that he is actually dividing Canada in negotiations with the US to purchase oil. You may recall, and I'll point this out, Daniel Smith actually was one of the first Premiers to go to Washington before the inauguration, meet with Trump, and has been, I think, rewarded with a 10% tariff proposal, not
00:10:03.820a 25%. And yet Carney did something that put him back, I think, maybe months, if not years, or maybe in a very unenviable position for Canadians by snubbing the American administration and getting on a plane and going to Europe when the tradition for over 100 years has been to acknowledge the White House the minute an interim Prime Minister comes into power. That was not missed by the American administration.
00:10:32.820And they are very unhappy with Trump. They are very unhappy with that. And I think trying to elevate that tension is a very foolish strategy on Carney's part. Because as people have learned, whether you like Trump or not, they certainly have got to know him over 12 years, he takes it personally. Very foolish, if you don't understand that. So for all of Carney's, and I applaud his resume, he's impressive, but he doesn't get it. He is completely out of sync with what it's going to take to negotiate. And I applaud his resume. He's impressive.
00:11:02.820He wants to negotiate with Trump and understand how important it is to work out this deal.
00:11:06.820He wants to negotiate with Trump and understand how important it is to work out this deal with a country that buysBrush 75% of our output. So it's... the reason that we got in such a bad place in the first situation was, if you recall back in the first mandate Trump had, both Trudeau and Freeland could not stop badmouthing him all around the world. That was stupid.
00:11:31.820was stupid because they thought trump would never return to power he did and he made it his first
00:11:38.060mandate to make sure that he called and this all started by calling trudeau the first governor of
00:11:45.260the 51st state he was just sticking it back to trudeau and people don't understand that
00:11:49.980that was how toxic that relationship got was completely dysfunctional and not good for american
00:11:55.980people or canadians and carney is doing exactly the same thing i'm sure that'll be pointed out in the
00:12:02.540campaign very very foolish stupid and he hasn't learned anything from what happened to trudeau
00:12:11.020he's looking like trudeau 2.0 all over again except this time on steroids well you say that it's a
00:12:18.140mistake and that he's doing it by accident i think he's doing it intentionally i think that the
00:12:22.060liberals that you know they accuse the conservatives of dividing and trying to americanize politics
00:12:26.060whatever that means i i think that the liberals need a divided canada they need a weak canada and
00:12:30.060if you look at the polls again kevin you you see that canada is just so incredibly divided it's like
00:12:35.020east versus west young versus old men versus women that the the split is is really quite quite shocking
00:12:42.300and i'll just want to tie it back to trump one more time because last week we we saw donald trump he was
00:12:47.020on uh laura ingram's show on fox news and then he repeated it later that he would rather have mark
00:12:52.940carney be prime minister because he believes that the liberals are easier to deal with i i read that to
00:12:57.420mean that he believes the liberals are weaker and that therefore the americans can dominate and get a
00:13:02.220better deal well the liberal party is going to win now in the next election most likely and they were
00:13:07.740on they were down tonight isn't that going to be make them more hostile to us and possibly i'd rather
00:13:13.100deal with a liberal than for china closer to canada and that would really put us in a bind the
00:13:18.220conservative that's running is stupidly no friend of mine i don't know him but he said negative things
00:13:23.580so when he says negative things i couldn't care less i think it's easier to deal actually with a
00:13:29.260liberal you know a conservative until i got involved because i don't care who wins up there i frankly
00:13:34.620probably would do better with a liberal than the conservative you want to know the truth but
00:13:38.060um just a little while ago before i got involved and totally changed the election which i don't care
00:13:45.580about uh probably it's our advantage actually uh how did you interpret those comments i i'm i'm sure
00:13:54.220that he actually doesn't care who wins in canada he's going to deal with whoever comes out on top
00:13:59.580um you know you can the people are actually doing the work in the negotiations howard ludnik
00:14:04.460uh uh one of them has already come out and said look whoever wins we'll deal with them because
00:14:10.140we can't do a pan-canadian deal you know trump is just having fun throwing barbs at anybody that
00:14:15.580that puts out negative social media at him and that's been both candidates in canada frankly because
00:14:22.220this the divisive um rally for canada call uh is is very political you're right and and does it work
00:14:31.580my take on it all um in all the rhetoric that's occurring is the average canadian is not that
00:14:37.500stupid and they understand the importance of having economic ties with us and many countries around
00:14:43.980the world but to say that we're not going to do business with a country that traditionally for over
00:14:50.060100 years bought 75 of our output that's sheer stupidity that has to be worked out and to me it's
00:14:56.460just a giant nafta three negotiation and who do you want negotiating it for you if you think trump
00:15:02.940doesn't like pierre well then you want pierre because he would be the stronger negotiator but
00:15:07.420he's also conservative so is the american government it's not about one individual or another at the end
00:15:14.460of the day this is why canadians i think are going to figure this out in this election it's about the
00:15:18.780policy the policies of the countries is it pro business is it pro growth is it pro energy all of
00:15:27.980these things matter because it's what made canada wealthy and become a member of the g7 in the first
00:15:32.540place and we stripped that all away over the last nine years so we took our numbers down and the thing
00:15:38.700about numbers is they're not emotional they're not affiliated with any political party they're just
00:15:44.140numbers and we have fallen to the bottom of the heap through poor policy now do you want more of
00:15:51.340that because that's what it sounds like you're getting if you vote for carney you get more it's
00:15:57.580just trudeau 2.0 because he hasn't shown any interest and maybe because he's never been a politician before
00:16:05.580he doesn't want to take risk by sweeping the house but you remember the parliamentary system
00:16:10.220same in england the prime minister's role is to put the key people in place for each mandate
00:16:16.700now let's just pick bringing back free land for example into cabinet can you think of one mandate she
00:16:24.940had in a decade where she wasn't a total failure including finance minister deputy prime minister
00:16:33.180she's loathed in every country she negotiated in we lost our visa status in egypt in india
00:16:40.460decimated our relationship with china a huge partner she is one of the worst executives i've
00:16:47.180ever seen i mean if she was in one of my companies i would have fired her a long time ago
00:16:52.780and here she is back in cabinet huge mistake i am sure that'll be focused on during the election
00:17:00.140telfer she did some of the policies that wiped canada out and i mean gerald butts he wrote the decline
00:17:08.700of foreign investment in canada in the very first mandate in october of 2023 the province of alberta
00:17:17.420litigated him to the supreme court and won their sovereign rights back to have some control over
00:17:23.260their own resources that's how bad it is now why would any canadian regardless of your politics why would
00:17:30.380any canadian want that crew back in charge unless carney takes a spatula from heaven and scrapes them
00:17:39.660away i think a lot of people in canada are going to say wait a second why would we want this again
00:17:45.180thank you mr carney you're a nice guy might might have been a great finance minister but you have no
00:17:51.580idea what you're doing when it comes to putting key people in place in a cabinet to turn canada around
00:17:56.300well and you didn't even mention stephan gilbault or bill blair or some of the other disastrous uh
00:18:02.380cabinet ministers that are right back in with uh mark carney there well um kevin thank you so much we
00:18:08.620really appreciate your time and you joining the the program uh thank you for your time this morning
00:18:13.020take care okay all right everyone thanks so much for tuning in i'm kendis malcolm this is
00:18:18.220the kendis malcolm show thank you and god bless