What would you do if your boss announced to the company that your performance was substandard (after 12 years of rave reviews) and that if you didn't reach X goal you would be fired. After not reaching that goal, the boss says he'll keep you around, for now anyway, but at 2/3 of your former pay. And you had sufficient savings you didn't have to have this job. And others in the industry really think highly of you.
You wouldn't say take this job and shove it???
I addressed this earlier.