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I don't think the musicians 40 years ago were any better than the musicians of today, but there were a lot more great musicians back then. There was a lot more work, which means more working musicians, which means a greater pool to choose from. The greats of today are just as good, if not better than the greats of yesterday, there are just fewer of them.
Also I think the way we record today as a whole is so much different. Musicians are not asked to play with the same dynamics, because we just give people headphones or isolate quiet instruments so they will be heard. I think if you asked engineers back then, they would have loved to have more control over there recordings. Also remember that the equipment musicians use today is setup for modern recording, not to play in large dance halls. They whole recording process is different.
Steve
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