Kevin O’Leary, Kaitlan Collins Tense CNN Debate Oddly Deflates Into Don Lemon Channeling Andy Griffith: ‘Know What I Was Whistling?’
A tense debate on the merits of regional banks between CNN’s Kaitlan Collins and Shark Tank star Kevin O’Leary oddly deflated into a bit of singing and then some proud whistling by Don Lemon.
During his appearance on CNN This Morning on Tuesday, O’Leary predicted continued inflation in an unstable market and at one point touched on the controversial shuttering of Silicon Valley Bank. The entrepreneur had investments in his portfolio tied up with the bank, but he’s repeatedly blasted the federal government for insuring deposits, calling it a win for “idiot bank managers.”
Lemon what the Silicon Valley Bank ultimately said about the need for regional banks verses larger banks.
O’Leary argued that the country has too many “small banks,” increasing the potential that more “idiot bank managers” will run their banks into the ground and then require the federal government to cover deposits.
“Do we really need 3000 small banks in America? No. Maybe we can by with 1000 small banks and the major money setter banks. But all I’m saying is let the market be the market,” O’Leary said.
“We disagree on this fundamentally because I think small banks are important,” Collins said, leading to a tense exchange where the CNN host cited JP Morgan CEO Jamie Damon talking up the importance of regional banks.
O’Leary argued people only feel safe with regional banks because the federal government will insure them.
“People can go in [and] they feel more comfortable going into a bank that they know, that is run by people they know in a town that they know,” Collins said “They can learn more about their finances —”
Her speech stumping for “small banks” was interrupted by O’Leary singing, “Kumbaya, kumbaya.” This bit of musical flavor inspired Don Lemon to jump back into the debate by whistling the theme song to The Andy Griffith Show.
Turning back to the bank exchange, O’Leary said Dimon’s words about small banks are hollow.
“He’s talking his book! He’s saying the right thing because frankly, those banks aren’t going to be around in 24 months. That’s my opinion,” O’Leary said.
“Did you hear what I was whistling?” Lemon asked.
“Yes, kumbaya,” O’Leary said.
“No, I was whistling The Andy Griffith Show. Mayberry,” Lemon said.
“We’ll continue this disagreeing over small banks,” Collins told O’Leary before Lemon asked Poppy Harlow to join in, who also cited Dimon’s arguing for the importance of a strong banking system “writ large.”
Watch above via CNN.
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