[lbo-talk] credit crunch

[Doug Henwood]

By the way, I'm guessing that most people who are arguing that there  
is no credit crunch are doing so to argue that there's no need for a  
bailout. But there has been a bailout. My guess is that as tight as  
things are, they would have been a lot worse if it weren't for the  
aggressiveness of the Fed and, belatedly, the Treasury (though the  
Treasury could be doing a lot better).

Doug