The House of Representatives passed a symbolic “disapproval” measure on Thursday to oppose the release of the second $350 billion tranche to the Treasury Department’s Troubled Assets Relief Program (TARP), more commonly known as the Wall Street bailout. About a third of House Democrats joined most of the Republicans (including Iowa’s Tom Latham and Steve King) in this measure.

However, all three Iowa Democrats (Bruce Braley, Dave Loebsack and Leonard Boswell) voted against the disapproval resolution, meaning they are on record not opposing the release of another $350 billion to the TARP.

The House action was merely symbolic because last week a similar “disapproval” resolution failed in the U.S. Senate. Chuck Grassley voted with most Republicans trying to block the release of the $350 billion, but Tom Harkin voted with most Democrats to reject the motion of disapproval. (President-elect Barack Obama personally contacted many senators urging them not to block the $350 billion.)

I believe that the events of the last few months have shown that the Wall Street bailout was costly and ineffective. It did not free up credit, as banks remain reluctant to lend. It did not stabilize the stock market either. New York Times columnist and Nobel Prize-winning economist Paul Krugman argues persuasively here that policy-makers are in effect “making huge gifts to bank shareholders at taxpayer expense.”

That said, perhaps the Obama administration will use the second half of the TARP money more competently than the Bush administration used the first $350 billion. I certainly hope so, not only for the sake of the economy and the banking system, but also for the sake of Democrats who now well and truly “own” this bailout.