GOP fundraiser: Focus should be on the economy

NEW YORK (CNN) -- Republican Georgette Mosbacher has a special vantage point on the world of business and politics. She's chief executive of Borghese Inc., a privately held New York-based cosmetics and toiletry company with about $100 million in revenues and 200 employees.

And she's been a key player in Republican politics for a long time -- as a fundraiser and as a former Republican National Committeewoman from New York state. She is also the author of two books, "Feminine Force" and "It Takes Money, Honey."

She backs Sen. John McCain, whom she commends for his service to the country, and says the choice in the election is between a society driven by individual effort, which she says McCain would promote, or one driven by a stronger central government.

Mosbacher was interviewed by phone Monday in New York.

CNN: What would you hope John McCain's first actions would be if elected?

Georgette Mosbacher: My hope is that he would focus on the economy and the reforms that are needed and the accountability for these bailouts -- that it's the taxpayers' money that is appropriated for these bailouts. We need to make sure that there's accountability and that it is used exactly the way it's supposed to be and that reforms are put in place so this never happens again.

I hope he focuses on cutting taxes further and incentivizing the private sector and small business to create jobs, to invest in their businesses and to grow their businesses in order for them to create jobs. Right now without job creation, there's no way to grow out of this recession. I don't believe you can tax your way out of it.

CNN: What's your view of the economy now?

Mosbacher: I see first and foremost, that which is most frightening is the lack of liquidity and credit. Business cannot survive, let alone thrive, without credit. Banks and credit markets have dried up. That is the biggest crisis we face. You cannot build inventory, you cannot invest in new technology without credit.

I'm disturbed by the fact that all of this taxpayers' money has been appropriated for this so-called bailout. So much money has gone to the banks, but what are the banks doing with it? They're hoarding it; they're not lending. We need oversight of what this bailout is about.

CNN: If John McCain is elected, what does it say about the future of the Republican Party?

Mosbacher: It says the Republican Party has a future. It says the brand isn't dead, and it still is viable, but the brand has been damaged. We do have a lot of work to do.

We have to reinvent ourselves as Republicans. We have to get back to our roots and the basics of what we stand for, what we have stood for. Somehow we lost our way, especially with respect to fiscal policy. We have been spending like crazy.

We need to rein in spending, we need to incentivize the private sector and we need to give people more opportunity to keep more of their money and run their lives and be competitive. Strong military, strong law enforcement. We basically lost our way with respect to letting spending get totally out of control. It's going to be a lot of work.

Win or lose, it's going to be an issue. We're going to lose seats in both the House and the Senate, net losses in both regardless of who wins at the top of the ticket, and that speaks to the fact that we've lost our way. We have to get back the trust and confidence of our constituents.

CNN: What's the future of the party if John McCain is defeated?

Mosbacher: We have some real talent out there, particularly with our governors. This is the future of the party; because of that talent, the future does look really bright. We have some outstanding governors who are doing some amazing things in their own states bringing back the foundations of the Republican Party. Gov. [Jon] Huntsman of Utah; the governor of South Carolina, Mark Sanford; the governor of Louisiana, Bobby Jindal; Sen. John Thune [of South Dakota].

CNN: What about the future of Sarah Palin?

Mosbacher: Sarah Palin, she's at the very top of that list in terms of our governors that are reforming their states, crossing party lines in terms of what needs to be done.

Regardless of what happens tomorrow, Sarah Palin will be one of the future faces of the Republican Party.

CNN: What in your view is the best argument for McCain?

Mosbacher: McCain is a known quantity. He has a record, a record we can look at to understand who he is, what he believes in and how he would govern. He is a maverick who has taken on his own party. He has served his country with distinction. More importantly for me, if I'm going to hire someone to run my business, resumes count.

I want to see someone with experience. I want to see someone I can take a look at their record of performance, what their positions are. I have that with McCain. We're talking about the United States of America at a very crucial time. This is not the time to have a novice. Character and experience counts.

CNN: How did Barack Obama get the financial advantage in this race?

Mosbacher: I do think that this is going to be one of the big debates that follow this election, the fact that one could raise $600 million. It's a new world with the Internet; I think he [Obama] did a brilliant job with harnessing the Internet.

It changes the dynamics. One has to question how we get a level playing field for candidates going forward. We need to have a national debate on this.

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