crash, anyone?

Mid-afternoon and the DOW is off by 700 points. Ouch doesn't even begin to cover it. We are in scary, scary straits. Personally, my retirement savings (kept in a well-balanced TIAA-Cref IRA) are down 14% since July. I had considered using some of the funds to wipe out some debt and/or to use for a down payment on a house next year, but realistically, I'm starting to wonder how much will be left after all is said and done.