If the credit crunch were the big deal people say it is, then you would think it would be readily visible in the investment data.
It's impossible to see a credit crunch in the first two graphs -- investment looks like it does in a "run-of-the-mill" recession (recessions that needed no trillion-dollar-financial-sector bailout).
The last graph shows non-residential investment. As Luke Threinen and I have pointed out, non-residential investment has been unusually strong in this recession, at least through 2008 Q3. 2008 Q4 takes a dip down -- maybe that's an effect of a credit crunch -- but that dip has a number of precedents in previous recessions.
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