More reasons why 2008 isn’t 1971

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My list of the 10 reasons why 2008 is different from 1971 caught the attention of A-list econoblogger Tyler Cowen (wow, writing lists really is a surefire ticket to blogging fame and fortune). Writes Cowen:

This is funny … but of course it misses the point. One big difference is that we use energy much more efficiently than we used to. Expensive oil needn’t crush us. The second big difference is that the Federal Reserve is far more competent today than in the 1970s. That is true even if you are not a Ben Bernanke fan. The third big difference is that a negative shock or financial collapse from China could crush us today, but not in 1971. Whoops, forget that third difference.