Bank Charge Offs Surpasses those during the Great Depression

ZeroHedge published research information from Moody's about the rate of charge offs by US banks:
Moody's has released an analysis which shows that the most recent rate of bank charge offs, which hit $45 billion in the past quarter, and have now reached a total of $116 billion, is at 3.4%, which is substantially higher than the 2.25% hit in 1932, before peaking at at 3.4% rate by 1934.
Isn't that logical, since we are in the Greater Depression?
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