So why didn't everything collapse in 1999?

In this morning's WSJ front page article about corporate default rates on high yield bonds I noticed something very peculiar in the chart. In 1999 the default rate was above 5%; in 2008 it was 4.5%. The projection--a big bold red dotted line--was for 13.9% in 2009, but we aren't yet where we were in 1999. So after the Obama Pork and Plunder (O-PAP) bill, we're still to expect defaults of businesses to continue? You mean bashing business, capitalism, free markets, nationalizing health care and parading high earners before Congress for public tongue lashing doesn't help the economy? Whudathunkit?

"A growing wave of souring corporate debt claimed another victim on Thursday as Charter Communications Inc., the nation's fourth-largest cable-TV company, said it would seek bankruptcy-court protection by April 1." Sorry, this is subscriber only