The Fed has adjusted their target for the federal funds rate to a range from 0% to 0.25%. (For all practical purposes, the rates have already been at zero.) We are now at ZIRP, and aimed squarely down the path of global depression.
My approximate targets for the S&P 500 are now 1200 and 400, in that order.
update, 2008-12-23: consider 1200 a stretch goal, and highly optional.