This article (www.voxeu.org/index.php?q=node/3523) says that chargeoff rates during the Great Depression peaked at only 5% and averaged 2 to 3% during the early 1930s. Thus, bank profits only declined about 40% while overall corporate profits went negative in 1932. This doesn’t make sense to me that banks did better than corporations did overall during the Great Depression when 1/3 of all banks failed. Can anyone see flaws in the author’s analysis?