Shark Tank investor Kevin O'Leary says North Dakota has'remarkable' economy

Shark Tank investor Kevin O'Leary says there is an incredible situation in North Dakota, particularly in the banking world.

After railing against Democrat-run states whose policies hurt business, the Chairman of O'Leary Ventures often referred to as Mr. Wonderful has his eyes set on the red state instead, touting its remarkable economy on Fox Friends Weekend. He told co-host Will Cain that there are states that are go-to states and no-go states.

SHARK TANK'' 'LEARY DESTROYS Bad policies, particularly high taxes and unstable regulatory environments, in Democrat-run states like California, Massachusetts, New York and others, signal the need to turn elsewhere for opportunities, he suggested.

That was when I stumbled into North Dakota very pro-business, a remarkable economy, fastest-growing GDP per capita, third-largest oil and energy producer in America, and a state with its own sovereign bank in 1919. There is an incredible situation there. He also spoke about the Bank of North Dakota, the only government-owned General Service bank in the United States, touting it as a successfully-structured institution, while railing against regional banks and alleging that states should be responsible for their collapse.

Their sovereign bank, if you want to call it that, backs up their regional bank, which supports the purchase of real estate and farming, and everything else. That's my whole point, he said.

During both appearances, O'Leary delved into discussion about letting banks fail, particularly on the heels of the infamous Silicon Valley Bank collapse that took place on March 10.

On Fox Friends Weekend, Cain argued that local areas need regional banks to cater to the interests of those in local communities.

I have no problem with that statement. If you have a state, and let's take California first if you believe that regional banks in California are needed to support the uniqueness of its economy, which is supposedly tech-oriented, why do I have to bail you out when you blow up your bank like the Silicon Valley Bank? He explained that the state should eat that.

If you want to have small regional banks in the state, let the states maintain those. They do it like they do in North Dakota. O'Leary said if you run a bank with idiots, you're going to go to zero, despite the fact that poorly-managed banks like Silicon Valley Bank should be allowed to collapse.