BMI’s Gainor: ‘Maybe We’re Using Too Much Government Intervention’
Business & Media Institute Vice President Dan Gainor told the Fox Business Network on April 4 that the government might be intervening too much in the financial markets to address credit problems, and he criticized the media for failing to cover both sides fairly.
"The networks are not portraying at all the other point which is: maybe we're using too much government intervention. Maybe we're using too much regulation," Gainor said. "Instead they're using the worst-case scenario reporting" to support government intervention.
Gainor also criticized the media's attempts to portray the economy as Wall Street versus "Main Street." "The two streets interact and the impact is felt by both," he said. "I'm not really advocating for a massive amount of what [Federal Reserve Chairman Ben] Bernanke's already done, but what [the media are] trying to do is critique it from the left and say, ‘We haven't done enough.'"
Host Liz Claman put Gainor on the spot, asking him "why should we help Bear Stearns when they were sitting at the craps table in Vegas making all kinds of bets on collateralized debt obligations?"
"I think you can make a good case that you maybe shouldn't," Gainor answered, "except for the potential damage it would have done to the rest of the market."