Until now, most of the damage from the credit market blackout has taken place in the asset markets in terms of falling prices for stocks and bonds. Only since September, when the general public freaked out at the time of the bailout package, has the disease leaped over to GDP. Now it is hitting working capital availability in a big way. Companies need revolving credit facilities to buy raw materials, meet payroll and survive until their customers pay up. Working capital is only now drying up for small and medium sized companies. Here is an article, SBA-Backed Loans Dry Up at Crucial Time for Businesses that details one part of the problem–SBA loans.