'Shark Tank' Legend Destroys Economy Narrative w/ One Fact

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1:56Oh, Internet, what are you really with those funny little videos? Hello, I'm Dave Rubin. This is The Rubin Report. It is July 23rd, 2025. We are live streaming on Rumble, YouTube, and Locals. And today I will not tell you to subscribe. Do it. We've got a big show for you today. A lot of stuff we're catching up on. And actually, as you may note, you are not watching a live stream this very moment. We had to pre-record this because I'm in Washington, D.C. right now. That's right. I'm in the belly of the beast. I'm in the swamp. There is an all-in podcast AI conference that President Trump is at.

2:31I was asked to attend what I'm doing right now. God only knows, but I will report back to you live. I'll be back live tomorrow and I will let you know. Let's just dive into the stuff. We got a lot of Kevin O 'Leary clips today. We got a lot of good stuff happening in America today and a little bit of the other stuff. That's how we're doing it today. A little bit of this, a little bit of that. A lot of hand motions, no crack on the program today. Let's start with Kevin O 'Leary. You know Mr. Wonderful from Shark Tank, who he bounces around the network to network. He's on ABC with Shark Tank. Then he goes on CNN and he sits with those wackadoodles over there with Scott Jennings and the rest of the nutbags over there.

3:13And then he's often on Fox. He's probably on a couple other networks. I keep telling you guys, we got to get him on the show. I don't know why we haven't had him on. But here he is getting into it with a guy named Ahmed Baba, who is arguing that Trump has caused the world not to believe in America. Kevin takes the counterpoint, which is that there's some good stuff going on here. Trust is back. America's back. Baby, play the clip. Three years from now, I think Trump has eroded global trust in the American economy and American dealmaking.

3:44Kevin O'Leary:You mean the all-time high market ever in history? It's high because they don't believe. The all-time high? They think Trump is going to chicken. Never been higher. Never been worth more. Never been more successful. Never. When the Hillary eroded trust, all time high today at four thirty in history, never worth more. What are you talking about? Well, let's let's let's see what happens in August 1st when he announces the American people. Oh, there's that chick. I just love her. There's just she's always looking down. There's just nothing going on in her brain. Abby Phillips. Anyway, as for this guy, it doesn't matter.

4:16Okay, yes, things are going well in America because people don't believe in Trump. Like, okay, whatever, I don't even know what that means. How about we start trusting people that are successful? We have a penchency, is that a word? I think it's a word, it sounds like a word. We have a habit in this country of trusting people who have never accomplished anything. If you were to look at all of the Democrats, whether it's AOC or Bernie or MomDami, all of these people that actually have never run businesses, many of whom don't have families, don't have children, They've never run an operation. They don't know how to build anything.

4:49We somehow have this need to put these people in charge. Well, now we've got the adults in charge and Donald Trump has built an awful lot of things. Some super successful, some less successful, some failures, but that's what a businessman and a builder does. You're not going to bat a thousand. And right now, as the trade deals are out and they're coming back in, the markets are high. I would venture any of you right now, look at your statements, your bank statements, and they're doing pretty well. There's a general feeling. I mean, doesn't it, I know facts don't care about your feelings. There's some small person who says that every now and again, but just how do you feel?

5:27Let's put aside the numbers for a second because I'm gonna show you numbers in a moment. But how do you generally feel about your dollars right now? I feel way more confident in my dollars right now when I go to the store than I felt under Joe Biden and the Inflation Reduction Act and the fact that we had these ridiculous trade deals and we were footing the bill on NATO and all of these things. So there's the feeling portion of it, but how about the fact portion of it? This from CNBC. Here's a recap of today's market action. The S &P and the NASDAQ both hitting record highs once again as communication services and discretionary stocks led the gains.

6:02To recap, as Mr. Wonderful said, things are looking good. The market is way up. People do have a little bit more money in their bank account. And I think, although penchency is a word, they have a penchant for that, not a penchency for it. I'm not above correcting myself when it comes to grammar on this program. But let's get this to where there's a little bit of a hiccup as it pertains to the economy at the moment, because Trump has been fighting with Jerome Powell, who's in charge of the Fed, because Trump really wants interest rates turned down. And it's up to Powell, and we'll explain that a bit more.

6:38Here's what Trump said on Truth Social. Too late, and the Fed are choking out their housing market with their high rate, making it difficult for people, especially the young, to buy a house. He is truly one of my worst appointments. Sleepy Joe saw how bad he was and reappointed him anyway, and the Fed board has done nothing to stop this numbskull from hurting so many people. In many ways, the board is equally to blame. The USA is rocking, there is very low inflation, and we deserve to be at 1 % saving$1 trillion a year on interest costs. I can't tell you how dumb Too Late is, so bad for our country.

7:16So Too Late obviously is his pet name for Jerome Powell. And one of the things I always tell you guys, I try not to get ahead of my skis on this show. I am not an economic expert, but I like talking to economic experts and I like learning and things like that. But one of the things that I just judge the economy me on generally speaking are interest rates. Because when you can borrow, when interest rates are low and you can borrow, you can get into the game more, which is why I always say I like when I pay my mortgage because I got a low interest rate before it exploded a couple of years ago, where now it's six, seven, sometimes 8%.

7:51If you got in at two to even three and a half percent, then yeah, you're paying a little something extra every month to the bank for the privilege of lending you money so that you could buy your house. And then the hope is that over time, as you pay it back, the bank gets all their money back. So then they made a profit from you over the course of however many years your loan was, 10, 15, 30 years. You got your house. And then at the end of that, your house is now worth more and then you sell it. And that's how you do win, win, win. That's the beauty of capitalism. When the rates are high though, it's a barrier to entry that now many young people for sure are feeling.

8:29So we did a little fact checking before or a little background check. So why is it? I wanted to do, you know, my thing lately has been, let's give the devil his due. So why is it that the Fed does not want to lower interest rates? This is according to Grock. Jerome Powell would lower interest rates if inflation drops sustainably to the Fed's 2 % target, the job market weakens, or the economy shows signs of a serious slowdown or financial stress. Right now, rates aren't being cut because inflation is still a bit too high, the labor market remains strong, and the Fed doesn't wanna risk cutting it too soon and letting inflation come back.

9:05They're waiting for a clearer sign that inflation is truly under control before easing policy. So according to Grock, there's basically an acknowledgement that inflation is pretty good, but Powell's argument is I wanna wait a little bit longer because if we go in too early, it could blow the whole thing up. That's his position. Obviously, Trump takes another position. I just laid out my general position, which is lower it as much as possible so more people can get in. You know, you also want, we've been talking a lot and we'll do more on the second half of the show, of how young people are sort of feeling like they're being left out of the economy.

9:39Well, the best way to get them in is be able to lend them some money so that they could maybe build a business or do a startup or get involved in AI or tech or build a home and not have to be paying rent and all of that. So you want things to be as open as possible, but there does seem to be this loggerhead, let's say, between Powell and Trump. Cozy season is ahead and you'll be spending way more time inside. Is your home ready? Don't worry. With Wayfair, you can upgrade your space without breaking the bank. Score up to 70 % off during their Labor Day clearance on furniture, area rugs, mattresses, and more.

10:12Plus, surprise flash deals you can't miss. Whether it's one room or the whole house, Wayfair has pieces for every style and budget. Shop Wayfair's Labor Day clearance now through September 7th at Wayfair.com. Wayfair, every style, every home. Now I want to show you this video of CEO of Azoria Investment Firm, his name is James Fishbeck, talking about how actually there's a political agenda here and James Powell or Jerome Powell is basically sabotaging Trump. Americans deserve a little bit of relief when it comes to their credit card bills and their mortgages. And Jerome Powell can do that if he would stop trying to sabotage the president and his agenda.

10:49Well, of course, President Trump has been pushing back. He had comments again today saying the Fed has to cut a full percentage point. But, you know, What do you make of the pressure campaign? Some people say it works against the president because now Powell, he would look like he's bending to the will of the White House. Well, it's not bending the will to the White House. It's bending the will to the economic facts and realities of the ground. Here's the truth, Charles. The New York Federal Reserve has its own estimate of what they call the natural rate of interest. That's the interest rate you know from the Fed that neither slows down nor speeds up the economy.

11:23THE FED'S RATE RIGHT NOW SHOULD BE 3.3%. WHERE IS JEROME POWELL KEEPING IT? 4.3%. A FULL PERCENTAGE POINT ABOVE WHERE RATES ACTUALLY SHOULD BE. SO PRESIDENT TRUMP ONCE AGAIN IS ABSOLUTELY RIGHT. THEY NEED TO CUT BY A FULL POINT THAT SHOULD LIKELY TAKE PLACE OVER THE COURSE OF A COUPLE MEETINGS LATER THIS YEAR. BUT THAT'S WHAT NEEDS TO HAPPEN. AND SO PRESIDENT TRUMP HAS THE RIGHT INSTINCTS HERE IN CALLING FOR THE FED TO LOOSEN POLICY TO to recalibrate it and to align it with the actual facts on the ground. Okay, so like a kind of simple version of this, if you don't wanna get too inside all of the math on this.

12:03If the rates right now are at about 4.3%, and what he's arguing there is it should be closer to 3.3, that's pretty significant. And even in a place like Florida, our housing market has slowed down. Even though all these people wanna come to Florida right now, if you need to get a mortgage to buy your home and you're like, ah, the rate's high, maybe you're not gonna move right now. So think about it. All of the people that are thinking about leaving New York right now, they're looking, they have to get new mortgages in Florida and they really wanna get out, but they're looking at those high interest rates.

12:32You lower those interest rates, those people start moving. You start, you actually just start adding energy to the economy. People start moving around again. They start buying houses. And then by the way, those people who bought the houses here in Florida, they're gonna have to sell their house back in New York. And then maybe somebody who's a renter in New York finally gets to buy their first house. So again, just lowering the rates, getting the government a little bit out of the way so people can borrow more and partake in the economy more is generally good. Here's Scott Besson calling for an internal review of the Federal Reserve because this is starting to feel more like a political fight than purely a math fight.

13:07To be clear, I am calling for an internal review, an internal review, and I think that this could be Jay Powell's legacy that the Fed, since the great financial crisis, has had what I call gain-of-function monetary policy. And the expenses have gone up a lot. The Federal Reserve Board expenses since 2004 are up 4x. I can tell you, at Treasury, we cut our expenses about 17 % last year. Everything else that the Fed has done over the years has just grown and grown and grown. and this is what happens when you don't have oversight. They aren't subject to appropriations. They either use the money they make.

14:00Right now, they're losing about$100 billion a year, so they just print money to spend it. All right, so there's the Treasury Secretary saying we should have an internal review of the Fed, which seems to be getting bigger and bigger and bigger. And also, why do they seem to be at odds with the President? Well, Kevin O 'Leary, now on another network, explains perhaps why Trump is just bashing the Fed, even if he's not happy with the numbers that when you bash the Fed, you're kind of always on the winning side.

14:31Kevin O'Leary:It's always fun to bash the Fed. I mean, if I were the president, I'd bash the Fed too. Why not? But there are some good questions about policy. Why are we paying interest, for example, on bank reserves when half the banks or many of them are foreign? I mean, there's a lot of issues here, and I think there's a chance to narrate those. Okay, so he expanded on that, but the point being that sometimes it's worth picking a fight. So for Trump, even if the math does work out, even if Trump feels like inflation is lowered, the economy's struggling, you should lower the rates, you're not gonna lose by bashing the Fed.

15:00There aren't gonna be a lot of people out there like leave the Fed alone. We love the Fed. It's like if you go after the, please leave the IRS alone. They're just such great people. Even the dingbat Democrats don't do that. Anyway, all of that aside, the political fight aside, and even some of the math aside, I think generally speaking, if we can get those rates down to that 3.3%, something like that again, and people can start borrowing more and then building more, like that really is the engine of the economy. Give the American people a chance to build some things. We will have more on a place that is not building things, but it's actually destroying things.

15:36Yes, I'm talking about California in just a second, but first, Prolon. Want to look and feel your best this summer? Prolon's five-day fasting mimicking diet is your go-to result. I use it when I need results fast. It's convenient, backed by noble winning science, and it works. In just five days, Prolon targets fat loss, supports lean muscle, and resets your metabolism, all while nourishing your body with plant-based soups, snacks, and teas that keep you in a fasting state. No injections, no guesswork. And now with Prolon NextGen, you get 100 % organic meals, better taste, and everything pre-packed and ready to go.

16:09Get 15 % off site-wide and a$40 bonus gift when you subscribe to the five-day program. Just visit prolonlife.com. That's P-R-O-L-O-N-L-I-F-E.com slash Dave. All right. So I really love this story because, you know, every now and again, we get one that just perfectly encapsulates almost everything that I talk about on this show all the time. This from Fortune Magazine. In and outs, billionaire heiress is quitting California because it's too difficult to raise kids and do business. So for those of you that have never been to an In-N-Out, because it's only in certain parts of the country, to me, it is the best burger joint, franchised burger joint, chain burger joint, period.

16:49It's the only thing I miss from California. And it is better than Shake Shack. It's better than Five Guys. It's better than BurgerFi. It's better than Burger King or Burger Buddy. It's better than all of them, okay? But In-N-Out, which for the first time, about a year ago, we covered it, had to close a store. They closed their Oakland operation because of crime, actually, and general mayhem in Oakland. Now they are basically gonna leave California. They're gonna have the franchises there, but the company is going to leave. This is an unbelievably, if you've never been there and you drive past one, you gotta stop.

17:25In every single one that I've ever been to, they are clean. The employees are happy. The burgers are fresh. the fries are good it's just a well-run family business that they've done something amazing with but here's uh in and out president lindsey snyder uh with ali beth stuckey talking about why her family is leaving cali for i'm shocked a red state in this case tennessee happen we're building an office in franklin so i'm actually moving out there and well how do you feel about that you You're like a California girl through and through, right? Yeah. I mean, I really loved living in Northern California, and I'm so thankful that I grew up up there because I think it changed a lot of who I am today.

18:12You know, I think I would be different if I was raised in Southern California. but like you said there's a lot of great things about California but raising a family is not easy here doing business is not easy here the bulk of our stores are still going to be here in California but it will be wonderful having an office out there growing out there totally and being able to have the family and other people's families out there and so in that it's two-part we'll have everybody under one roof here in balton park and we'll close our find isn't that interesting a billionaire being like you know it's tough financially to do business in this place because of the high taxes and the high regulation on top of the family stuff most of us get the family stuff in the woke schools and what they're doing to the kids and all that stuff.

19:12But a billionaire being like, you know what? Most of our restaurants will stay here, but our corporate operation and my ability to raise my family and everything else, I'm gonna move to Tennessee to do it, despite the fact that, as she pointed out, most of their restaurants are actually in California, but also to the backdrop of them having to close their first restaurant ever. I mean, think of the, can we find out how many In-N-Out franchises there are? It's not even franchises. I think they own all of them, if I'm not mistaken. So they're not actually franchised out to other people. But the point is they have a tremendous amount of highly successful restaurants.

19:41And now they're taking their corporate headquarters and a billionaire family out. And by the way, this is exactly what a guy, you may have heard of him, Elon Musk did. And Gavin Newsom applauded when he left. There are 281 in and outs in Cali right now. Watch this. So my friend Jillian Michaels, who was on the show last week, who I just adore, she is another LA person who has now moved out of the state. And here she is. She returned to LA a couple of days ago and she took this video. All right, back in LA, picking out my kids from a family. This is the best of California, everybody. So congratulations, Karen Bass.

20:21Congratulations, Gavin Newsom. This is what you guys have done. And by the way, it's not cherry picking just to show that. Can I find something in Florida like that? Probably. Actually, I don't know that you could find something that bad, but could you find some homeless something somewhere? Of course you could. Can you find some homeless people? Sure. but decline is a choice. And what you see right there in that little moment, I couldn't even figure out what part of LA she was in. I'll ask her later. But like that's everywhere under the bridges. It's all over the place. It's completely taken over downtown.

20:49Don't tell me about Skid Row. And by the way, it's not just LA. This from San Francisco last weekend.

21:06where is the social distancing when you need it so again it's a it's a choice guys and there's a reason that democrat-run cities then come in where the communists say we'll house everybody because people look around and they're like well these crackheads need houses and then the communists come in and we'll give them the houses we're just gonna have to take them from the rich people Don't worry about that. And by the way, we're gonna need a lot of their money. And then the rich people leave. And then they need a lot of other people's money and there's less money to go around, et cetera, et cetera.

21:32The other thing, of course, that happens in these places, like Los Angeles, is that crime runs rampant. It's not just that you have transients and you have illegals and you have drug addicts and general zombies who wanna eat your face and all of those things out on the street. It's that criminals are emboldened because they know they're not gonna be arrested and they usually are not gonna be shot. Although in this case, a bunch of looters tried to rob an L.A. jewelry store, and the owner was wise enough to have a gun. Just before 6.30 p.m. on Thursday, when a group of well over a dozen would-be robbers pulled up to the Alamira jewelry store in Anaheim on Brookhurst and started trying to smash their way in.

22:12At the time, the owner and some of his employees were inside. The owner, who didn't want his name used, then pulled out a gun and fired toward the bulletproof window. The shot had the desired effect. After I do the first shot to scare him first, thanks God, I see the happen, the people, his left. So look, I know we can show you these kind of criminal things all the time, but there's a reason that that one matters. There's a guy who lives in Anaheim, California, not too far from Los Angeles, and a huge group of whoever the F these kids are go in and they just think they're gonna have an easy time because it's Cali and the police won't show up and people will be unarmed and you can do whatever you want.

22:58You can steal the jewelry and you can sell it on the black market and you get away with all of it because that's what happens consistently. And then what happens when you're a business person who's armed one shot into the, does it bounce off the bulletproof glass? Could he have hurt himself while shooting indoors, the bulletproof? I'd like to know about that. But the point is one shot and he got them to scurry away like rats. So if you live in a place that will not defend you and you shouldn't trust that it's going to defend you, even if you live in a good place, you should always be willing to defend yourself and your property and your family and everything else.

23:30Here's Kevin O 'Leary again, bouncing around networks, talking about California. And maybe, you know, if it keeps crumbling and the shooting and the zombies and everything, that they're gonna hold somebody accountable for some of this stuff.