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The Federal Reserve recently released bank data for the fourth quarter of 2008 on bank loan delinquency rates and bank loan charge-off rates. The graph above shows quarterly delinquency rates for agriculture loans and business loans back to 1987 through the fourth quarter of 2008. Note that the delinquency rates in 2008:Q4 for ag and business loans were only about half the rates during the 2001 recession, and about 1/3 the rates during the 1990-1991 recession.
The chart below shows delinquency rates for all loans at all commercial banks, and although the deliquent loan rate in 2008 was higher than the 2001 recession, it's still 1.55% lower than the peak during the 1990-1991 recesssion (4.59% vs. 6.14%).