The Global Equity Bear Market Is Back

The global cyclical bull market in equities is over. What we saw last week isn't a correction in an ongoing bull market. This bear market is likely to be nasty and protracted. Before it is over, the early 2009 lows are at risk of being breached for just about every stock market in the world (excluding Greece, which is already far below the March, 2009 lows). Forget peripheral Europe, the core is