In a number of respects, not least being the magnitude of the decline, the closest historical parallel to the equity bear market of 2007-2008 is the equity bear market of 1937-1938. Interestingly, there was also a very sharp downturn in commodity prices during 1937-1938. Even more interestingly, the 1937-1938 commodity plunge proved to be the first major correction in a secular commodity bull market that lasted until the early 1950s.
