Is "The Credit Crunch is Over" Talk Premature?

"The issue is that the credit crisis being behind us is not the same as the credit crunch being over (and note I am not convinced we won't have a resumption of worries about systemic risk, given the possibility of an eventual GSE bailout, a CDS meltodown, and a downgrade of MBIA and/or Ambac, any of which would create turmoil). In the do-com bust, the economic recovery preceded an improvement in credit spreads by nearly a year. And unlike the last downturn, this time credit officers have been badly burned, and they tend to remain overly cautious long after the worst is past."