A recent report from the Federal Reserve of Minneapolis attempted to debunk four myths about the current crisis and how it’s impacting nonfinancial businesses.

The big thought was that credit conditions weren’t nearly as bad as the media and politicians made them out to be.

The Federal Reserve’s October 2008 Senior Loan Officer Opinion Survey on Bank Lending Practices found what many companies have already been saying: Banks are less willing to lend, and they’re tightening credit standards.