In Europe, the study says there is no evidence of a credit crisis in consumer and commercial lending data up to the end of October, with consumer lending in France and Italy still keeping to trends seen since early 2003 and Germany flatter but for many years and not any more so in recent times.
All of which drove the Celent report to conclude that the U.S. and other governments may be throwing good money after bad for want of a better idea of what is really happening.

"Just like a doctor contemplating an obviously sick and suffering patient, a massive surgical intervention based on a misdiagnosis can only worsen the patient's condition."

Will not the credit crunch come home to roost when unemployment takes hold? The little information available here tells us that there will be hard times for workers.
No-one to lend it too.

I just clipped waiting for a reaction. Yesterday I spoke to my sister in the UK and she said a lot of small businesses are going down as well as Woolworths Stores which surprised me as they sell economic stuff.

Spain seems to be surviving ok apart from some car companies which have cut back on workers, what do others find in their daily lives? Will only workers suffer due to the excuse of the crisis by losing their jobs and cutting back on expenses for multinational companies?

There is a point here. You probably have noticed how markets rise generally on news of job redundancies because cutting the wage bill can be a way to increase profit. While most unemployment and business failure is generated by the financial failure (precipitated by large scale fraud), doubtless some are using the turmoil as a screen to cover redundancies and enhanced profits. Also, the term 'credit crunch' itself is a screen to lay across the structural rottenness of the global finance industries (aka known as fraud industries): credit difficulties simply punctured the membrane of respectability to expose the dirt beneath.