Too much time on my hands over the weekend. I dug around in the archives, both physical and electronic. From a box of old magazines, I came across Newsweek issues from December 2, 1974 (Cover story: "How Bad a Slump?") and January 20, 1975 ("Out of Work"). Some quotes that could have been lifted from today's issues:
"The recession worsens. Layoffs proliferate. Profits fall. Bankruptcies swell... And the worst is yet to come."
"Each day last week brought fresh reports of layoffs--massive ones in the auto industry and lesser ones in plants producing products as varied as textiles, electric organs and bicycles."
and from a New York Times editorial 12/29/1974 (via web archive), about a week after the market had bottomed:
"The year is ending with much of the nation in a state of deep anxiety over the course of the economy. There has been nothing like the present degree of apprehensiveness—or confusion—about the business outlook since 1930. And the question on everybody’s mind is whether years like 1931 and 1932 lie ahead."
By the way, of the many interesting things in boxes in my basement, I was most amused by the AIG 2001 annual report, which proclaimed boldly on the cover "The Greatest Risk Is Not Taking One."