bloomberg video

Bloomberg video has an annalist from JPMorgan talking about the difference between a "Cub Bear market, and a Bear market"

Lee of JPMorgan Says U.S. Stock Market `Beyond Scary'

Funny thing is the above is the title, but he is in the "Baby bear" camp he does a good job illustrating the differences in markets. IMO, there are 3 types of 20 percent declining markets.

1. Minny Bears, These are Crash Scenarios, like 1987 and 1966. The thing about a crash is that they get so oversold, that the Rebound is violent, and usually brings so much more capital into the market that it makes new highs within the year.(this is why we don't want to crash, we need to take our medicine, or we will start this again in 3 months), these are usually 'Black Swan' events. Fanny freddy are not Black Swan, We see it, We know it, we understand it.
2. Baby Bears. market declines 20% over 9 months or so, then recovers.
   
3. Secular Bears, Market declines 40% over 1.5-2 years, Market Muddles for a Generation. 1945, 1974

here is the problem, Bears, and Baby bears trade the same, the 20% comes in the first 9 months, the other 20 in the Second 9 months.