This is a crash, not really a bear market, it's happening too fast.

This is what a bear market looks like:

https://www.macrotrends.net/2593/nikkei-225-index-historical...

NB: The graph is log scale, uncheck that to see what the fun looks like on a day-to-day/month-to-month basis.

Until we prioritize dividends over capital gains in the tax code, we can expect these massive swings due to investor sentiment and liquidity. As I have said elsewhere: make dividends deductible to the company (akin to LLCs) and tax capital gains at a windfall rate. Watch how fast the financial world sobers up.