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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.
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