I disagree in the sence that to describe the credit crunch as not real is rewriting history. The insolvency of Bear, Lehman, Merill and others not to big to fail, and there are hundreds, is/was real. The credit crunch as I know it was banks unwilling to lend to each other because there was a good probability that the bank would go bankrupt usually over a weekend and the bank that lent the other bank money would not get its money back.
What was written sounds like a sales line to me.
http://ml-implode.com/index.html
Since late 2006 313 major U.S. lending operations have "imploded"
