Despite bipartisan skepticism of the proposed Wall Street bailout, Tennessee Senator Lamar Alexander wants quick approval of the plan. He likens the proposal to the financial equivalent to last year’s troop surge, with Treasury Secretary Henry Paulson in a position similar to General David Petraeus.
Much like the surge, Alexander says the buyout is an aggressive plan that can only work if Congress places confidence in the man at its helm.
Paulson is proposing to pay up to 700 billion dollars for failing mortgage securities. Over two days of Congressional hearings, Democrats and Republicans alike have questioned scope and speed of the plan, its price tag and relief for foreign-owned banks.
But Alexander says it’s a necessary move.
“It is a gamble and the other side of the gamble is to look down into the chasm and think what would happen if we went through several weeks of an even worse circumstance.”
Alexander wants to see action on the measure by the end of the week. Congress is scheduled to go into recess at the close of business Friday.
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