Justin Fox: Why 2008 isn't 1971 (Stagflation)

Justin Fox, Time's business and economics columnist responds to my Are we on the road to stagflation? with Why 2008 isn't 1971. Justin is right - I wasn't even born in 1971, but just seeing the fashion in photos is scary enough. Plus I've seen every episode of McCloud so that has to count for something.

Anyhow, Justin has a top-10 list of why 2008 isn't 1971. Here are my two favorites:

3. In the 1970s, Detroit produced big, gas-guzzling vehicles and struggled to adjust in an era of high fuel prices as smaller Japanese imports began to make market share inroads. Now, Detroit produces big, gas-guzzling vehicles and struggles to adjust in an era of high fuel prices as cars from Japanese makers--many of them manufactured in the U.S.--solidify their market-leading positions. See, that's different!

and

10. Unlike in 1971, the Oakland A's are decidedly not on the cusp of winning three World Series in a row. Seriously, I love my A's and I love Billy Beane. But the team of minor leaguers they're fielding this year is gonna lose at least 90 games.

It could be worse. He could have chosen my favorite team:

10. Unlike in 1971, the Montreal Expos are decidedly not going to lose 90 games. In fact, they won't lose any!

We also will not see a Pirates - Orioles World Series. According to AL and NL pennant odds the joint probability of them both making the World Series is 1/3750 or 0.027%!