Pete Visclosky and 227 other members of the U.S. House of Representatives on Monday vented their frustration by shooting down the proposed $700 billion financial bailout.
Perhaps their point resonated on Main Street, but it also was heard on Wall Street, where stocks plunged in response.
The Dow Jones Industrial Average fell nearly 780 points Monday, its worst single-day drop ever.
Visclosky, D-Ind., didn't appreciate being pushed into a speedy decision on the Emergency Economic Stabilization Act, but this is an emergency.
Visclosky also said he didn't want to reward bad behavior in the financial sector.
"We are now in the golden age of thieves," Visclosky said. "And where I come from we put thieves in jail; we don't bail them out. We should reject this proposal."
Too much is at stake, however, merely to step back and watch the financial nightmare unfold.
A more appropriate response came from U.S. Rep. Joe Donnelly, D-Ind., who voted in favor of the bailout.
Howey Politics Indiana quoted Donnelly as saying, "I couldn't be angrier at the Wall Street executives who have put our jobs and futures at risk. However, I decided to support this bill because I believe it is my duty to do everything I can to protect our jobs and our savings back home."
Maintaining the stability of the financial system is essential in order to protect the economy from major trouble. Banks and businesses, not just individuals, need to have sufficient credit to pay their bills.
Porter-Starke Services said Friday it could no longer afford to build an 8,000-square-foot facility in Portage. The turmoil in the financial markets affected the terms of the bonds the social services agency planned to use for financing.
The outrage is understandable, but when businesses can't borrow enough to expand their operations, jobs can't be created.
Donald Coffin, associate professor of economics at Indiana University Northwest, said, "I'm at a loss to know what Congress is planning to do now."
For the sake of local investors, savers, employees and their families, Congress must not delay. A bailout might be distasteful, but bitter medicine is sometimes necessary.
