Larry McMillan had a nice piece in MarketWatch about how the current market compares to the 1930s as well as a few other bear markets. We posted a comparison to the 1930s here last week so scroll down to see it.
So, we have three previous time periods in which a severe bear market shook the financial system. These then gave way to strong rallies, fueled by the liquidity thrown into the system to stem the bear market. However, once those rallies ran their course, reality set in and prices drifted, grinding their way lower for three or four years. (end quote)
Two things here - first, the concept of a liquidity rally.
The second is the term "grinding their way lower." That is how real bear markets end when the market demoralizes everyone and nobody wants to own stocks.