Xie Guozhong said, The stock market rally we are seeing is a bear market rally. As I wrote at the beginning of 2009, a credible bank rescue plan would start a bear market rally. It won’t last. The reduction of leverage after a credit bubble bursts takes a long time, which prevents a vigorous economic recovery. The current bear market that began in the fall of 2007 would last at least three years. It could be longer than five years. Even after leverage is normalized, the global economy still need