From my man Dean B.;
"There is considerable effort by many analysts to blame the current downturn on a credit crunch, implying that if we could somehow fix the financial sector, then the economy would be back on its feet. While the troubles in the financial sector are certainly exacerbating the economy's problems, the main cause of the downturn is the loss of more than $5 trillion in housing wealth, coupled with a loss of an even larger amount of stock wealth over the last year. The disappearance of so much wealth is the main reason that the economy is crashing, not difficulties that individuals and businesses face getting credit."
Sam rephrases as;
The problem is not "credit".
The problem is also not, and never was, "subprime".
The problem is an overvalued housing market.