Down goes Paulson! Down goes Bernanke!

Instant update on the $700 billion bill:

WASHINGTON — In a moment of historic drama in the Capitol and on Wall Street, the House of Representatives voted on Monday to reject a $700 billion rescue of the financial industry.

The vote against the measure was 228 to 205. Supporters vowed to try to bring the rescue package up for consideration against as soon as possible.

Stock markets plunged sharply at midday as it appeared that the measure was go down.

Remember when Republicans were supposedly Wall Street shills? The GOP has been absolutely insipid over the last few years, but this is strength in the face of the Bush Administration.

As for Wall Street, this song seems rather appropriate: