11  Council of Economic Advisers (1992), Economic Report of the President (Washington: Government Printing Office), p. 46. 12  More specifically, the business cycle peaks occurred in 1969:Q4, 1973:Q4, 1981:Q3, and 1990:Q3. Kaufman (1991) cites credit crunches that occurred in 1959, 1969-70, the mid-1970s, 1981-82, and 1990-91. See Henry Kaufman (1991), "Credit Crunches: The Deregulators Were Wrong," Wall Street Journal, October 9.
Also see Albert M. Wojnilower (1980), "The Central Role of Credit Crunches in Recent Financial History," Brookings Papers on Economic Activity, vol. 11, pp. 277-340. BIS Review 78/2009  7  In the current downturn, the reduction in lending growth that stands out as being the most "out of the ordinary" is that of home mortgages, which is shown in the top-left panel.