NO CREDIT CRUNCH?

I've read in a couple of places that there really isn't a credit crunch yet this article indicates that the crunch is huge:

Banks cut lending by 55% in 2008
U.S. loan issuance fell to the lowest volume since 1994 as banks repair balance sheets, shun underwriting new, risky deals.
Last Updated: December 30, 2008: 2:29 PM ET

NEW YORK (Reuters) -- U.S. loan issuance in 2008 tumbled 55% to $764 billion, the lowest volume since 1994, as the global credit crunch choked off lending to American businesses, according to data from Reuters Loan Pricing Corp.

Loan issuance was down from $1.69 trillion in 2007 as banks focused on repairing balance sheets damaged by mortgage losses and had little interest in underwriting riskier deals, RLPC reported on Tuesday.

Investment-grade loans fell to $319 billion, down 52% from 2007's 658 billion, while leveraged loan issuance slid to $294 billion, down 57% from $689 billion in 2007, RLPC said.

JPMorgan (JPM, Fortune 500) was the lead issuer for U.S. loans in 2008, with $198.5 billion, or 26% market share, followed by Bank of America (BAC, Fortune 500), with $137.4 billion, or 18% market share, and Citigroup (C, Fortune 500), with $116 billion, or 15% market share.