The U.S. House has voted down the bailout package, 205-228. By and large, Republicans voted against the bill, while Democrats voted for it, though the Democrats voted for it by a rather small margin. The Dow Jones Industrial Average has already dropped more than 500 points, just shy of five percent, since the news broke.

Presumably, the House leadership will start working on a new bill, but given that the Republicans wouldn’t vote for this one, the one that contained all kinds of concessions the GOP had been asking for, it’s pretty hard to imagine what kind of bill would somehow pass.

Consider this an open thread for your dour doomsday predictions for the state of the world economy. Is it time for cocktails yet?

AP Photo/Richard Drew