I will use  1  Losses on Lehman Brothers' debt securities that resulted from the investment bank's bankruptcy caused one money market mutual fund to "break the buck," with others also rumored to do so. This situation led to a rapid escalation in money market mutual fund outflows such that short-term funding markets for businesses and municipalities essentially froze.
Interbank funding markets also stopped functioning, and overnight rates soared to extraordinarily high levels. BIS Review 78/2009  1  the Federal Reserve Flow of Funds data for four major credit types – residential mortgages, consumer credit, commercial real estate lending, and commercial and industrial loans – to compare credit aggregates in the current cycle to previous recessions generally considered to be credit-crunch periods.