Get out now.  The job market season for all disciplines is approaching.  Get your resume polished and copied, and get out now.  Some want you to "stay and fight," and if that's why you got your PhD, then feel free to do so.  If, on the other hand, you got it to contribute something to a discipline that interests you greatly, do so at another institution.

Look at babbs' list.  We have people on the way to Iowa, Washington State and Florida.  These aren't perfect places, yet they are for the most part functional and reputable --- neither of which describes USM now, or in the foreseeable future.  If you want to stay and try to "save" USM (whatever that means), then do so.  Even then, if you fail to send out any resumes this year (like those who are looking hard to leave), you do so at your own peril.