There are times to quibble and times to go for it. You probably don't have much leverage, so take the job as offered and raise the issue of salary again in a year. You might want to write a nice acceptance letter talking about how much you are impressed with the company and the people you met, how excited about the opportunity you will have to use your skills and help the company in these difficult economic times, and point out that while the salary is not what you had hoped, you understand the present economic situation and hope you can discuss salary and compensation again after a year or so. Congrats.