Is there a credit crunch?

Here is a good piece rebutting the Minneapolis Fed study.  One point made is this:

…there is the inconvenient matter that the Federal Reserve and
the Treasury went out and did all that stuff they did in order to prevent a
massive breakdown in lending to the real economy. … Now this does
allow sceptics to say, "Well, how do we know things would have collapsed"? We
don’t, of course, but that doesn’t change the fact that current lending takes
into account massive government intervention to make sure that lending
continued. The latter therefore can’t be used to argue that the former wasn’t
necessary.

On these questions I am more of a pessimist than is Alex.