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.
在股市疲软时期，市盈率最终会下跌至平均水平以下，有时会跌到7至9倍的水平，在上一次长期熊市期间就是如此。
During periods of stock-market weakness, price-to-earnings ratios eventually fall below their averages, sometimes into the high single digits, as they did during the last long-running bear market.
这种市场瘫痪状态是长期熊市的典型特征。
That kind of paralysis is typical of a prolonged bear market.
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