http://www.clusterstock.com/2008/10/cramer-panic-now-and-sell-everything

Excerpt:
"For what it's worth, we agree that the market will likely go lower over the next year. We also agree that people should not have any money in the stock market that they need in the next five years. But the point is that "those assets" never should have been in the market in the first place. The stock market is always unpredictable and dangerous over such timeframes, and people should never count on it to fund near-term expenditures.

We also couldn't disagree more with Cramer's recommended strategy of suddenly selling everything now, with the market down 30%+ from the peak. This is market-timing at its worst. Adjusting your long-term investment strategy because you've realized that you can't stomach risk is one thing. Panicking and selling because the global economy and markets are temporarily collapsing is another. After more than a decade of being overvalued, stocks are finally approaching fair value, and, time and again, emotional selling based on market conditions has been shown to be a terrible investment strategy.

For those with horizons of a decade or more, moreover, the current crash is actually good news. If you're saving for retirement, you will do best if stocks crater like this and then stay down for a decade. The dividend-reinvestment will make you continually buy more shares at lower prices, and when the market does eventually recover, your gains will be compounded."