Stacy Conundrum, FNN political reporter, talked exclusively to Dr. Phillip Pompous, an economist and CEO of a conservative think-tank who advises the Republicans on regulatory manners.
SC: why do the Republicans aver that the financial industry doesn't require additional regulation to keep them from perpetrating another disaster like the one we still haven't recovered from?
PP: Like most liberal media types, you have no idea about what caused the meltdown and you blame the easiest target available. The cause of the problem was the middle-class property owners who couldn't pay off their mortgages. How dumb can these people be, taking on a mortgage that they can't pay off. Didn't these people ever hear of working a second or third job to get the money to pay off the mortgage? The financial industry was left on the hook because of these incompetent, lazy mortgage holders.
SC: isn't it true that the financial industry enticed the mortgage holders with misleading offers and half-truths?
PP: More liberal propaganda. Blame the victims. Without the stupendous efforts of the financial industry to repair the damage caused by the unprincipled mortgage holders, the country would have slipped into a full-blown depression. Instead of praising the banks and other financial corporations for their heroic actions to staunch the monetary bleeding, the media blames the banks and spreads the lies put out by the government.
SC: Wait a minute. The heroic efforts you just mentioned, wasn't it the taxes paid by the middle-class that bailed out the banks?
PP: The dishonest mortgage holders drove the banks to the brink of bankruptcy. The use of the tax-payer bailout money was necessary and was the best use of taxes in the last several decades. The government should set up a ongoing fund for corporations to tap when they need additional cash for some purpose. But without all the red tape and oversight of the last time.
SC: So your position and the position of the Republican Party is that the banks don't need more regulation and oversight. Is that correct?
PP: Of course it's correct. The problem isn't the banks or the energy industry or other corporations, the problem is the middle-class and the poor. They're the ones causing all the problems in the country. Unions use negotiating tactics to drain profits from corporations, thus depriving stock holders of needed dividends. People sue corporations to get compensation for accidents caused by their own stupidity. We have to stop this guerilla warfare against corporate interests.
SC: So where do you stand on regulation?
PP: Actually, I am in favor of much more regulation and oversight, but not on corporations. It is desperately required to be applied to the masses. The government has completely missed the point of regulation. It has to regulate the actions of the middle- and lower-classes. The aim of the regulations will be to protect the corporations from these predatory cheaters and liars. The regulations must make it a crime to walk away from a mortgage and cause a loss to the banks. Consumers must be prohibited from suing corporations for any reason. Unemployment benefits must be cut. There are plenty of jobs available. If an illegal alien can find a job, an unemployed can find the same job. If a few million unemployed took the jobs from the illegals, we'd eradicate several of our nasty national problems. That is the direction we must get the government to go in.
SC: That's it from FNN news. I'll interview more politicians after I recover from this one. It may take a while.