Shark Tank star says interest rate cut was a “big mistake”

He’s used to passing on a deal offered in the Shark Tank, America’s version of Dragon’s Den, but Kevin O’Leary would also have said “I’m out” to Stephen Poloz’s interest rate cut. The multi-millionaire chairman of the O’Leary Financial Group believes the Bank of Canada has made a “big mistake” in cutting the rate to 0.5 per cent. Speaking on Canada AM he said that there are “systemic problems” in the economy which will not be fixed by the cut and that investor confidence will be damaged by it as it signals to the world “that we have a weak economy.” O’Leary says that weakness in the Chinese, US and European economies are the big issues and that falling job creation and wage inflation in Canada won’t be solved with lower interest rates.