The problem is that the shadow banking system, which had taken such a big role in financing the economy (via securitisation, and commercial paper, asset backed or otherwise, mainly), is now gone, and banks cannot step up to replace it.

So banks actually lend a little bit more than before, but companies get much less financing than before, because of the disappearance of the unregulated lenders, and the inability of the banks to step in on the scale required.

In the long run, we're all dead. John Maynard Keynes