Why 2008 is *really* like the early 1970s

Because of the re-emergence of the term We've Only Just Begun. I have noticed a number of economics blogs and news stories channeling the ghost of Karen Carpenter:

• The Credit Crunch - As Karen Carpenter said We’ve Only Just Begun


• We've only just begun (Mises blog on Fed's recent liquidity measures)


• Home price median here below $200K. Comment: "Doesn't really matter because you'll need to strap yourself in and get ready for the bottom to really fall out. We've only just begun. The good news: Affordable housing will be here soon."


• Michael Alan Miller: "And from where I am sitting, it appears that a good portion of our current financial system is made up of pure fiction, and we’ve only just begun to sort out the fiction from the fact."

That is just a few - I am sure you can find plenty more. A better use of your time, however, would be spent watching The Carpenters - We've only just begun. It is not often you see the drummer (in this case, Karen Carpenter) out in front singing lead vocals!