Gregalton, you know very well from your repeated "edits" (deletes?) on debt-based monetary system that there is a distinction.  "Crunch" is a cessation of lending in some debt markets FULL STOP.  "Squeeze" is where debt is still being issued but with stricter requirements, resulting in a slow down - but NOT a complete cessation of lending activity.  Imagine a tap.  One is where the tap is turned off.  People starve, there's chaos in the streets, asset markets collapse... you get the picture.  The other is where the tap is turned to "boiling hot" so only those with 18 carat gold gloves on can receive this precious liquid called debt money...whoops!...sorry, that concept has been killed off by Gregalton and a few other WP guardians.  Err...precious liquid called... liquidity?  How's that sound?

Where the tap is turned to boiling, this generally only results in a slow down in economic growth and a contraction in prices in some isolated asset markets.  Those asset markets that were receiving "easy money" prior to the squeeze get jammed but generally the economy hums along OK, with isolated pockets of distress.

I recommend someone work on credit squeeze to bring it up to WP standards, not merge it to bring it down to the standard currently "enjoyed" on the credit crunch page.  They are different concepts.  Really.  Truly.