Little wonder, then, that we are now witnessing a significant correction in equity, credit, and commodities markets. The irrational exuberance that drove a three-month bear-market rally in the spring is now giving way to a sober realization among investors that the global recession will not be over until year end, that the recovery will be weak and well below trend, and that the risks of a double-dip W-shaped recession are rising.
这也就难怪股票、信贷和商品市场正在经理一次重大调整了。在今年春季推动一轮3个月熊市反弹的非理性繁荣如今已经消退，投资者开始比较清醒地意识到全球衰退将一直持续到年底，而之后的复苏也将是软弱无力的——一个双底W形衰退的风险正在日益加剧。