Interesting twitter thread on this between @davemclure, @pkedrosky, @msuster, and others, part of which is here:

http://twitter.com/#!/pkedrosky/status/124323109032574976

(how do you capture a series of related tweets, btw?)

Summary seems to be: the cash crunch is not happening (yet). McClure calls it "poor reporting".

Looks like TechCrunch has captured a bunch of the related tweets: http://techcrunch.com/2011/10/12/web-start-ups-hit-cash-crun...