Chart 37 Our underlying thesis is that a strain in liquidity will be the catalyst to this consumer recession.

Year Bankruptcy filings Credit Spread
(basis points)
Significant Event Occurring during this Year (if applicable)
1991 "943,987" 125.20 S&L Crisis
1992 "971,517" 109.70
1993 "875,202" 66.20
1994 "832,829" 73.30
1995 "926,601" 71.90
1996 "1,178,555" 48.00
1997 "1,404,145" 60.90
1998 "1,442,549" 142.00 "Asia, Russia, and Long Term Capital"
1999 "1,319,465" 120.60
2000 "1,253,444" 189.40
2001 "1,492,129" 166.80 Enron and WorldCom
2002 "1,577,651" 148.98 Enron and WorldCom
2003 "1,660,245" 93.50
2004 "1,597,462" 77.33

Notes: Credit spreads are derived from the spreads between the 5-year Treasury and 5-year BBB-rated Corporate Bond Index.
Sources: Administrative Office of the U.S. Courts, Bloomberg, and CIBC World Markets.