事实上，2000[font=宋体]到2003[font=宋体]年股票市场的熊市并没有引来一场银行危机。 而如果在衍生品并不多见的30[font=宋体]年前，这是必然结果。
Indeed, the equity bear market of 2000-03 did notresult in a banking crisis, as it might have done 30 years ago, when derivativeswere still rare.
根据基金管理公司卢佛集团(Leuthold Group)的估计，一般来讲，在第一年的熊市最低点之后，股票市场上涨了44%，而在第二年，股票市场平均上涨60%。
On average, during the first year following the low point in a bear market, the stock market climbs 44 percent, according to the Leuthold Group.
股票市场的不佳表现更强化了一种观点，即市场将陷于长期的熊市中，如同我们在1929年至1949年或1965年至1982年之间所见到的情况一样。
The faltering performance of stockmarkets added weight to the idea that they are stuck in a long-term bear phase, akin to that seen in 1929-49 or in 1965-82.
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