Welfare failure

The U.S. economy is likely in for a rough road. The dramatic drop Monday in stocks is probably only the first sign of what we're going to see following the U.S. House of Representative's rejection of President Bush's $700 billion bailout of Wall Street.

Lawmakers listened to their constituents, who made clear they don't want to pay the tab for the mistakes of Wall Street. The House will reconvene Thursday, giving Bush and leaders of both parties another chance to pass Wall Street's problems on to the average taxpayer - and generations to come. Lawmakers should again tell Bush no when the vote is retaken Thursday.

The House on Monday rejected the measure 228-205, despite a weekend of negotiations among legislative leaders and the White House, followed Monday by an attempt to get members of both parties to go along. More than two-thirds of Republicans and 40 percent of Democrats opposed the bill.

Their reasoning leaves something to be desired - like an assurance that taxpayers eventually won't get stuck with the bill - but Reps. Jim Jordan, R-Urbana, and Bob Latta, R-Bowling Green, were in the majority. Jordan told The Lima News he believes there are free-market ways in which to address the problems in the financial sector. Latta said he believes negotiations brought progress on the bill, but not enough to win his support.

Ohio's House delegation split 10-7 on the bill, with the slight majority opposed to it. Four of Ohio's 11 Republicans - House Minority Leader John Boehner, R-West Chester, and Reps. David Hobson, Deborah Pryce and Ralph Regula - voted for the corporate bailout. Three of Ohio's six Democrats - Timothy Ryan, Zachary Space and Charlie Wilson - voted for it.

Bush, his economic advisers and congressional leaders of both parties said the bailout was necessary to insulate ordinary Americans from mistakes made on Wall Street. The bill the House rejected would have allowed the government buy bad mortgages and other assets from troubled banks, freeing those institutions to more easily lend money. Someone with an eye for irony might notice that the current crisis began when the government mandated that banks and other institutions open credit up to those who traditionally wouldn't have been able to get it.

Lawmakers said they had heard from constituents opposed to the bailout. Bush went to the airwaves again Monday morning urging quick action. Leaders of both parties tried to accommodate him, though some Republicans blamed a blistering anti-Bush speech from Speaker of the House Nancy Pelosi, D-Calif., for undermining the deal. Bush and party leaders will try again this week. The real factor, however, seems to have been constituents - unhappy about potentially getting the bill - making their anger known only five weeks before every member of Congress faces re-election.

The dips that world markets took Monday might be enough to persuade some members of Congress to try to rescue Wall Street. But hard times are coming - either now as weak companies die off, or later when future generations would get the bill. Those who don't look forward to paying off the mistakes of Wall Street should be sure to let our local members of Congress hear from you.

• Rep. Jim Jordan, R-Urbana:

Phone: 419-999-6455 (Lima)

Phone: 202-225-2676 (Washington)

Web site: jordan.house.gov

• Rep. Bob Latta, R-Bowling Green:

Phone: 202-225-6405

Web site: http://latta.house.gov/

• Minority Leader John A. Boehner, R-West Chester:

Phone: 800-582-1001

Web site: johnboehner.house.gov