8000 may not be so far fetched. In a tightening credit market, more and more businesses are slowing growth or contracting, leading to lay offs, less profits (or losses), and falling stock prices. But don't take my word for it. Jim Cramer believes stocks can fall another 20% before the market bottoms. He advises investors who need access to their money within the next 5 years to totally divest themselves of the stock market. His opinion can be seen at the following link.
http://www.msnbc.msn.com/id/27045699/