Phantom power is power that is provided by the source (in this case the interface) to power the mic. Condenser mics usually require phantom power, and the V67 definitely does. The nominal power is usually 48 volts, so the preamp will have a switch that says either "phantom" or "48V". In the case of the Fast track Pro, it's on the back, above the power switch, and says "48V phantom". ***** WARNING WILL ROBINSON****** Do not plug the mic in or unplug it with the phantom power turned on!!! First, with the phantom switch off, turn all the gain knobs to zero. Then plug in the mic. Then, turn the phantom power on, and bring up the gain gradually. I am hopeful that this will improve your outlook on life. Welcome to the world of condenser microphones. Please note also that there is a preattenuation switch, known as a "pad" on the mic. It will have 2 positions- -10db and 0. You want it set for zero. The pad reduces the mic's output, and is used when recording wicked loud sources, such as some drums or guitar amps. Note that both channels of the Fast track pro also have a "pad" button, which does basically the same thing, and you want it turned off as well. What you are getting is what I would expect if the phantom power was turned off, or if the pad on both the mic and the interface were engaged. Do all of this, and let us know if your world changes. When you disconnect the thing, do the same in reverse. First, all gain knobs to zero, then, turn off the phantom power, then unplug the mic. Hope that helps.-Richie