Do you have an example of an 8% dividend stock?
If you've got E-Trade, go into Quotes & Research -> Tools -> Basic Stock Filter and search by Yield > 8%. Today there's 66 results. Of course, you need to do your research: Dick Smith Electronics is supposedly offering 33.5% yield, but they've just gone bankrupt. Slater And Gordon at 13.95% yield have been hugely impacted by UK Regulatory changes in recent months.
You might look closer at BHP Billiton: (BHP.AX, 9.95%). One of the world's biggest mining operations, and the shares have tanked post-mining-boom. Surely they'll have to cut their dividend, but even if it was halved, it would still hit your 5% extremely-good-dividend level.
Other names I recognize are Seven West Media (SWM.AX, 10.44%) who own newspapers & television stations, but also have part-ownership of Netflix competitor Presto that is preloaded on Samsung televisions. Beyond International (BYI.AX, 9.09%) produce television shows like Mythbusters, and have had steadily increasing dividends over the years.
Anyway, that's the approach I've taken: it's usually about buying into well known companies that pay dividends that steadily grow over the years, at times when the share price has been hit so hard that the dividend yields become huge.