{"id":287,"date":"2022-06-27T12:00:00","date_gmt":"2022-06-27T12:00:00","guid":{"rendered":"https:\/\/moneywithkatie.com\/is-this-time-really-different-history-rhymes\/"},"modified":"2025-09-05T16:46:05","modified_gmt":"2025-09-05T16:46:05","slug":"is-this-time-really-different-history-rhymes","status":"publish","type":"post","link":"https:\/\/moneywithkatie.com\/is-this-time-really-different-history-rhymes\/","title":{"rendered":"The One Thing That\u2019s Different About 2022\u2019s Bear Market"},"content":{"rendered":"
\n

One of the first things they teach you in the unofficial Personal Finance Classics canon of required reading is that every time things look like they\u2019re going awry<\/em>, people will insist, \u201cThis time, it\u2019s different. This time, we\u2019re not coming back from it!\u201d<\/p>\n

Every author cautions against falling prey to this mix of seductive pessimism and the 24-hour news cycle by reassuring you that No, in fact, \u201cthis time\u201d isn\u2019t different.<\/em><\/p>\n

That\u2019s all well and good when you\u2019re reading those words during a historical bull run. \u201cTotally,\u201d you may find yourself thinking, \u201cI\u2019ll definitely outsmart all these people who lose their cool and believe we\u2019re somehow living through something special or novel!\u201d<\/p>\n<\/div>\n

\n
>
\n \u201c<\/span>It can create feelings of uncertainty and fear about whether or not continuing to invest or \u201cstaying the course\u201d is the right move, or if we should go against our better judgment and start deviating from the plan.\u00a0\u201d<\/span>\n <\/p><\/blockquote>\n<\/figure>\n
\n

\u2026Until it starts to feel like you are<\/em> living through something special and novel, and, oh, by the way,<\/em> everyone who seems intelligent enough to have a worthwhile opinion on the matter seems to think so, too. <\/p>\n

It is\u2014in a word\u2014disorienting, and it can create feelings of uncertainty and fear about whether or not continuing to invest or \u201cstaying the course\u201d is the right move, or if we should go against our better judgment and start deviating from the plan. <\/p>\n

The bears (and those who simply insist this time is different) have compelling logic to suggest the underlying conditions<\/em> we\u2019re facing now have changed, and therefore we should expect different outcomes in the future than in the past. <\/p>\n

Fair enough, right?<\/p>\n<\/div>\n

\n
\n

What\u2019s supposedly different this time?<\/h2>\n

I wanted to identify a few key metrics I see frequently pointed to in the media as proof things are different now. I ended up with three primary symptoms we point to as evidence of problematic \u201cnow\u201d times:<\/p>\n

    \n
  1. \n

    Overvalued markets (i.e., stocks being at all-time highs), as measured by the Shiller PE (or \u201cCAPE\u201d)<\/span><\/a> ratio (though at this time of writing, we\u2019ve come down quite a bit from previous all-time highs)<\/p>\n<\/li>\n

  2. \n

    Low interest rate environment as measured by treasury bond yields<\/span><\/a> (this one matters because it\u2019s usually the culprit<\/span><\/a> people point to when they accuse the 4% rule of being invalid in lower interest rate environments)<\/p>\n<\/li>\n

  3. \n

    High inflation as measured by the consumer price index<\/span><\/a><\/p>\n<\/li>\n<\/ol>\n

    The optimist in me wants to point to all three and say, Look, we just came out of an unprecedented global Pamela Anderson\u2014as a result, there are going to be some oddities which will take a little while to revert back to the mean.<\/em><\/p>\n

    But at the same time, I want to know if there were any sort of historical precedent for these things (and more specifically, these things happening simultaneously<\/em>). <\/p>\n

    So to be very clear: I\u2019m not trying to predict the future\u2014I\u2019m only trying to explore if what\u2019s happening (in these three key metrics that keep appearing in financial media) is reminiscent of anything that\u2019s happened in the past.<\/p>\n

    Let\u2019s start with overvalued markets (as measured by the Shiller PE ratio).<\/h3>\n

    High valuations<\/span><\/a> matter because they basically indicate how much money you\u2019re going to spend on a security in order to make a certain expected return. <\/p>\n

    To use a more tangible example, imagine you buy a rental property for $100,000 to earn $1,000\/mo. in rent. Your return on that $100,000 is going to be greater than if you had to spend $200,000 to earn the $1,000\/mo. That\u2019s why people worry when stuff is overvalued\u2014because you don\u2019t get as much bang for your buck. <\/p>\n

    One of the main calculations used to assess if the market is fairly valued? The Shiller P\/E ratio (stands for \u201cprice to earnings\u201d), which basically does a 10-year lookback of prices divided by earnings. <\/p>\n

    While some<\/span><\/a> have called into question the validity of this measure as it looks backward, not forward, it\u2019s generally accepted as one of the strongest metrics we have to analyze valuations. I\u2019m going to use the S&P 500 since it\u2019s the most popular benchmark.<\/p>\n

    Moreover, since we\u2019re less<\/em> concerned with the validity overall of the Shiller P\/E ratio as a means of judging valuations and more<\/em> concerned with how current P\/E ratios compare to those of the past, it should still be a good relative<\/em> benchmark for whether or not we\u2019re in ~precedented~ times.<\/p>\n

    Check this out (I pulled this data from here<\/span><\/a> and then ported it into a spreadsheet so I could look at it over time against our other factors):<\/p>\n<\/div>\n

    \"\"\/<\/p>\n

    \n
    >
    \n \u201c<\/span>Yes, valuations are high when compared to the 20th century, but\u2014and this is my subjective assessment\u2014not unprecedented in the truest sense of the word.\u00a0\u201d<\/span>\n <\/p><\/blockquote>\n<\/figure>\n
    \n

    At the time of this writing (June 2022), the Shiller P\/E ratio for the S&P 500 is 29.17. In May when I pulled it, it was 32.46. The average Shiller PE ratio over the time period illustrated above is 16.94, so it\u2019s probably safe to assume that \u201covervalued\u201d is a fair characterization, though this source<\/span><\/a> notes the long-term historic trend considered \u201cfairly valued\u201d is 20.1<\/strong>. We\u2019re approximately one standard deviation above \u201cfairly valued\u201d right now, despite being 22% off all-time highs.<\/p>\n

    (Again, it bears repeating: We\u2019re not trying to question the work of Nobel Prize-winning Yale economist Robert Shiller here. We\u2019re just trying to understand how \u201cnow\u201d compares to \u201cbefore.\u201d)<\/p>\n

    From looking at the chart, it\u2019s certainly higher than the average but reminiscent of 2018 values. It\u2019s quite a bit lower than the peak around the Dotcom Bubble (which appears to have hit 42.91). <\/p>\n

    My major takeaway: Yes, valuations are high when compared to the 20th century, but\u2014and this is my subjective assessment\u2014not unprecedented in the truest sense of the word. <\/p>\n

    I didn\u2019t look at this chart and think, \u201cOh my God, I\u2019m getting out of the S&P 500 right away!\u201d but I did<\/em> think, All right, this is\u2026potentially another indicator that diversification outside of Large Cap Growth is sensible.<\/em> <\/p>\n

    If domestic Large Cap Growth is technically<\/em> overpriced from a historical perspective using this measure, then I\u2019m thinking: OK, it\u2019s not \u201ccheap\u201d right now. Let me make sure I\u2019ve got exposure to indices that track other stuff, too<\/em>. (This is my approach always, but perhaps even more so when valuations on the Big Boiz are overpriced.)<\/p>\n

    The hard part about shaping your decision-making around single metrics like the Shiller PE ratio alone, though, is that it\u2019s not a crystal ball. While it\u2019s true we typically see high PE ratios associated with bubbles<\/span><\/a> (and subsequent corrections<\/span><\/a>), it is<\/em> cyclical, and the data indicates it\u2019s better for investors to hold on through the market cycle<\/span><\/a> instead of attempting to time entry and exit. <\/p>\n

    As Two Centuries Investments<\/span><\/a> puts it, \u201cCAPE cycles are mean-reverting. However, this mean reversion does not only occur as a result of crashing market prices, it can also result from periods of modest market returns where earnings growth catches up and restores the valuation multiple. This second outcome is one of the reasons why selling stocks altogether leads to missed compounding. The other reason is that valuation ratios get you in and out too early.\u201d<\/em> <\/p>\n

    To put it bluntly: History may not repeat itself, but it certainly rhymes. <\/p>\n

    Cool\u2014so there\u2019s that. S&P 500 overvalued? Yep. Anything you can or should do about this one? Unclear. So what\u2019s next?<\/p>\n

    Low interest rate environments (as measured by treasury bond returns).<\/h3>\n

    As a reminder, people in the financial independence world worry about low interest rate environments because it impacts bond yields, which are the #SturdyGurl lynchpin of the 4% rule. While I\u2019ve done an episode about the 4% rule<\/a> in the past and addressed these concerns specifically, they\u2019re still helpful for this analysis. pushes glasses back up nose<\/strong><\/p>\n

    Since most of the data we use to support things like the 4% guideline for safe withdrawals goes back to the 1920s, it seemed important to look back that far\u2014it was hard to find stuff on major websites much older than the 1960s, but fear not, dear Freaks in the Sheets, I prevailed. I found this sketchy back-alley website<\/span><\/a> (OK, that\u2019s not fair\u2014it was the NYU Stern School of Business site that just looks<\/em> like it\u2019s from the 1920s), downloaded the data set, and found this: A funky, sharp bell curve of 10-year T-bond returns. <\/p>\n<\/div>\n

    \"\"\/<\/p>\n

    \n
    >
    \n \u201c<\/span>Confirmed: 10-year t-bond yields are unprecedentedly low in recent years.\u201d<\/span>\n <\/p><\/blockquote>\n<\/figure>\n
    \n

    Right now, it appears that we\u2019re at the end of a downward trend that is<\/em> lower than it\u2019s ever been before. The average t-bond return in this data set is 4.8%; right now, we\u2019re sitting at around 1.51% (as of 2021). <\/p>\n

    So confirmation of our second bias appears to be clear: We\u2019re in a lower interest rate environment for 10-year treasury bonds than we\u2019ve been in before, though it\u2019s interesting to see this chart plotted all the way back to the 20s when one considers that we often see the chart \u201cstart\u201d in the 70s and appear to be a perilous drop downward.<\/p>\n

    The last decade appears to be a rough mirror image of, say, rates in the 1940s.<\/p>\n

    Here\u2019s the thing, though: If we\u2019re to believe the Fed, then these should begin going up<\/span><\/a>. It\u2019s not like it\u2019s been multiple decades since we\u2019ve seen higher yields. As recently as 2006, the rate was 4.7%.<\/p>\n

    It\u2019s worth asking: Do we need to treat bonds differently in a 2022 portfolio than in a 1992 portfolio? Are our \u201cold faithful\u201d #SturdyGurl bonds not as deserving of a spot in our portfolio? It\u2019s been argued<\/span><\/a> that the Fed\u2019s actions have forced people into alternative assets (like real estate) and driven housing inequality, and when you see bond yields hitting historic lows, it\u2019s compelling.<\/p>\n

    Cool\u2014so we\u2019ve confirmed t-bond yields are<\/em> unprecedentedly low in recent years. <\/p>\n

    What\u2019s left?<\/p>\n

    High inflation as measured by the consumer price index.<\/h3>\n

    Ah, yes. Good ole\u2019 inflaish. Everyone\u2019s favorite dinner party topic of conversation!<\/p>\n

    I\u2019ll let this one speak for itself:<\/p>\n<\/div>\n

    \"\"\/<\/p>\n

    \n

    Hm. So we\u2019re in a recent<\/em> inflation high, but if someone showed me this chart without any other context, I\u2019d think whatever it was measuring had been going down, for the most part. <\/p>\n

    This highlights a limitation of all of this<\/em> \u201clet\u2019s examine the historical context\u201d stuff\u2014it\u2019s not predictive. It doesn\u2019t tell us where we\u2019re heading, just where we\u2019ve been. And while it\u2019s good for making us understand whether or not what we\u2019re experiencing now has ever happened before<\/em>, it\u2019s not good for indicating what\u2019s going to happen next<\/em>.<\/p>\n

    So what happens when we map all three of these factors onto the same chart?<\/p>\n

    Let\u2019s get naughty and commit some chaotic chart crime by indiscriminately layering these lines on top of each other despite the fact they\u2019re measured with different metrics and enraging sophisticated data scientists everywhere:<\/p>\n<\/div>\n

    \"\"\/<\/p>\n

    \n

    THE HORROR!<\/p>\n

    Please excuse my egregious plotting things measured by different metrics on the same graph. Forgive me, data gods, for I have sinned.<\/p>\n

    But I wanted to be able to look at all three of these things (relative to their histories) and see if we\u2019ve had relatively<\/em> high inflation, overall<\/em> low bond returns, and relatively <\/em>high CAPE ratios simultaneously before. <\/p>\n

    The periods that most closely resemble the period we\u2019re in now? <\/p>\n

    Well, the \u201840s, for one thing: High relative inflation and low-ish bond yields, but technically undervalued CAPE ratios. And the late \u201890s: When we had similar CAPE ratios, but slightly higher bond yields and lower inflation. <\/p>\n

    So my experiment nets an interesting outcome\u2026<\/p>\n

    We\u2019ve never been in a period exactly like this one if you consider current inflation, bond yields, and CAPE ratios occurring at the same time\u2026<\/h2>\n

    …but each variable on its own<\/em> is not unprecedented, with the exception of the bond yields, which have been at historical lows in 2020 and 2021.<\/p>\n

    (Though, I\u2019d take this time to remind us all: Rates were low for a reason. Our global panorama created a lot of unexpected economic strain on our system that didn\u2019t<\/em> stem from businesses making bad decisions or consumers\u2019 changing preferences, for what it\u2019s worth.)<\/p>\n

    My general takeaway after spending an embarrassing amount of time tinkering in my little data set with rogue chart creation was that, Yeah, things are a little haywire right now, but this doesn\u2019t look drastically more concerning than other turbulent times in the past (or periods with much higher inflation and low valuations from crashes). <\/em><\/p>\n

    It\u2019s clear that the economy and markets can\u2019t continue on this way, but I don\u2019t see any reason why we can\u2019t return to more realistic valuations, raise rates (and by extension, bond yields) slowly, and ride out the (still historically low) inflation while the kinks in the post-pandemic world get worked out. <\/p>\n

    Maybe I\u2019m just a dumb optimist, but I don\u2019t know that I\u2019d classify the severity of our current situation as any \u201cworse\u201d or \u201cdifferent\u201d from the past. Because: History rhymes.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    One of the first things they teach you in the unofficial Personal Finance Classics canon of required reading is that every time things look like they\u2019re going awry, people will insist, \u201cThis time, it\u2019s different. This time, we\u2019re not coming back from it!\u201d Every author cautions against falling prey to this mix of seductive pessimism […]<\/p>\n","protected":false},"author":178814,"featured_media":2392,"comment_status":"closed","ping_status":"open","sticky":false,"template":"si-template-single-post-taxable-investing.php","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[47,44],"class_list":["post-287","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing-and-taxes","tag-401ks-and-iras","tag-taxable-investing"],"yoast_head":"\nThe One Thing That\u2019s Different About 2022\u2019s Bear Market - Money with Katie<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/moneywithkatie.com\/is-this-time-really-different-history-rhymes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The One Thing That\u2019s Different About 2022\u2019s Bear Market - Money with Katie\" \/>\n<meta property=\"og:description\" content=\"One of the first things they teach you in the unofficial Personal Finance Classics canon of required reading is that every time things look like they\u2019re going awry, people will insist, \u201cThis time, it\u2019s different. This time, we\u2019re not coming back from it!\u201d Every author cautions against falling prey to this mix of seductive pessimism […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/moneywithkatie.com\/is-this-time-really-different-history-rhymes\/\" \/>\n<meta property=\"og:site_name\" content=\"Money with Katie\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-27T12:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-05T16:46:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/moneywithkatie.com\/wp-content\/uploads\/2025\/08\/CountingBills_Paper-Latte_100x756.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1001\" \/>\n\t<meta property=\"og:image:height\" content=\"757\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Katie Gatti\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Katie Gatti\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"11 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/moneywithkatie.com\/is-this-time-really-different-history-rhymes\/\",\"url\":\"https:\/\/moneywithkatie.com\/is-this-time-really-different-history-rhymes\/\",\"name\":\"The One Thing That\u2019s Different About 2022\u2019s Bear Market - Money with Katie\",\"isPartOf\":{\"@id\":\"https:\/\/moneywithkatie.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/moneywithkatie.com\/is-this-time-really-different-history-rhymes\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/moneywithkatie.com\/is-this-time-really-different-history-rhymes\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/moneywithkatie.com\/wp-content\/uploads\/2025\/08\/CountingBills_Paper-Latte_100x756.png\",\"datePublished\":\"2022-06-27T12:00:00+00:00\",\"dateModified\":\"2025-09-05T16:46:05+00:00\",\"author\":{\"@id\":\"https:\/\/moneywithkatie.com\/#\/schema\/person\/51ab3e47f462d7af0d7d2b00ab153000\"},\"breadcrumb\":{\"@id\":\"https:\/\/moneywithkatie.com\/is-this-time-really-different-history-rhymes\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/moneywithkatie.com\/is-this-time-really-different-history-rhymes\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/moneywithkatie.com\/is-this-time-really-different-history-rhymes\/#primaryimage\",\"url\":\"https:\/\/moneywithkatie.com\/wp-content\/uploads\/2025\/08\/CountingBills_Paper-Latte_100x756.png\",\"contentUrl\":\"https:\/\/moneywithkatie.com\/wp-content\/uploads\/2025\/08\/CountingBills_Paper-Latte_100x756.png\",\"width\":1001,\"height\":757},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/moneywithkatie.com\/is-this-time-really-different-history-rhymes\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/moneywithkatie.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The One Thing That\u2019s Different About 2022\u2019s Bear Market\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/moneywithkatie.com\/#website\",\"url\":\"https:\/\/moneywithkatie.com\/\",\"name\":\"Money with Katie\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/moneywithkatie.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/moneywithkatie.com\/#\/schema\/person\/51ab3e47f462d7af0d7d2b00ab153000\",\"name\":\"Katie Gatti\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/moneywithkatie.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/59c980f5acd370ecf7e985b2da3db33f1883bc4b53677d75e5b8f124f8e1ed74?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/59c980f5acd370ecf7e985b2da3db33f1883bc4b53677d75e5b8f124f8e1ed74?s=96&d=mm&r=g\",\"caption\":\"Katie Gatti\"},\"url\":\"https:\/\/moneywithkatie.com\/author\/katiemoneywithkatie-com\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The One Thing That\u2019s Different About 2022\u2019s Bear Market - Money with Katie","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/moneywithkatie.com\/is-this-time-really-different-history-rhymes\/","og_locale":"en_US","og_type":"article","og_title":"The One Thing That\u2019s Different About 2022\u2019s Bear Market - Money with Katie","og_description":"One of the first things they teach you in the unofficial Personal Finance Classics canon of required reading is that every time things look like they\u2019re going awry, people will insist, \u201cThis time, it\u2019s different. This time, we\u2019re not coming back from it!\u201d Every author cautions against falling prey to this mix of seductive pessimism […]","og_url":"https:\/\/moneywithkatie.com\/is-this-time-really-different-history-rhymes\/","og_site_name":"Money with Katie","article_published_time":"2022-06-27T12:00:00+00:00","article_modified_time":"2025-09-05T16:46:05+00:00","og_image":[{"width":1001,"height":757,"url":"https:\/\/moneywithkatie.com\/wp-content\/uploads\/2025\/08\/CountingBills_Paper-Latte_100x756.png","type":"image\/png"}],"author":"Katie Gatti","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Katie Gatti","Est. reading time":"11 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/moneywithkatie.com\/is-this-time-really-different-history-rhymes\/","url":"https:\/\/moneywithkatie.com\/is-this-time-really-different-history-rhymes\/","name":"The One Thing That\u2019s Different About 2022\u2019s Bear Market - Money with Katie","isPartOf":{"@id":"https:\/\/moneywithkatie.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/moneywithkatie.com\/is-this-time-really-different-history-rhymes\/#primaryimage"},"image":{"@id":"https:\/\/moneywithkatie.com\/is-this-time-really-different-history-rhymes\/#primaryimage"},"thumbnailUrl":"https:\/\/moneywithkatie.com\/wp-content\/uploads\/2025\/08\/CountingBills_Paper-Latte_100x756.png","datePublished":"2022-06-27T12:00:00+00:00","dateModified":"2025-09-05T16:46:05+00:00","author":{"@id":"https:\/\/moneywithkatie.com\/#\/schema\/person\/51ab3e47f462d7af0d7d2b00ab153000"},"breadcrumb":{"@id":"https:\/\/moneywithkatie.com\/is-this-time-really-different-history-rhymes\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/moneywithkatie.com\/is-this-time-really-different-history-rhymes\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/moneywithkatie.com\/is-this-time-really-different-history-rhymes\/#primaryimage","url":"https:\/\/moneywithkatie.com\/wp-content\/uploads\/2025\/08\/CountingBills_Paper-Latte_100x756.png","contentUrl":"https:\/\/moneywithkatie.com\/wp-content\/uploads\/2025\/08\/CountingBills_Paper-Latte_100x756.png","width":1001,"height":757},{"@type":"BreadcrumbList","@id":"https:\/\/moneywithkatie.com\/is-this-time-really-different-history-rhymes\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/moneywithkatie.com\/"},{"@type":"ListItem","position":2,"name":"The One Thing That\u2019s Different About 2022\u2019s Bear Market"}]},{"@type":"WebSite","@id":"https:\/\/moneywithkatie.com\/#website","url":"https:\/\/moneywithkatie.com\/","name":"Money with Katie","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/moneywithkatie.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/moneywithkatie.com\/#\/schema\/person\/51ab3e47f462d7af0d7d2b00ab153000","name":"Katie Gatti","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/moneywithkatie.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/59c980f5acd370ecf7e985b2da3db33f1883bc4b53677d75e5b8f124f8e1ed74?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/59c980f5acd370ecf7e985b2da3db33f1883bc4b53677d75e5b8f124f8e1ed74?s=96&d=mm&r=g","caption":"Katie Gatti"},"url":"https:\/\/moneywithkatie.com\/author\/katiemoneywithkatie-com\/"}]}},"_links":{"self":[{"href":"https:\/\/moneywithkatie.com\/wp-json\/wp\/v2\/posts\/287","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/moneywithkatie.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/moneywithkatie.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/moneywithkatie.com\/wp-json\/wp\/v2\/users\/178814"}],"replies":[{"embeddable":true,"href":"https:\/\/moneywithkatie.com\/wp-json\/wp\/v2\/comments?post=287"}],"version-history":[{"count":1,"href":"https:\/\/moneywithkatie.com\/wp-json\/wp\/v2\/posts\/287\/revisions"}],"predecessor-version":[{"id":1590,"href":"https:\/\/moneywithkatie.com\/wp-json\/wp\/v2\/posts\/287\/revisions\/1590"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/moneywithkatie.com\/wp-json\/wp\/v2\/media\/2392"}],"wp:attachment":[{"href":"https:\/\/moneywithkatie.com\/wp-json\/wp\/v2\/media?parent=287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/moneywithkatie.com\/wp-json\/wp\/v2\/categories?post=287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/moneywithkatie.com\/wp-json\/wp\/v2\/tags?post=287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}