David Malone golemxiv-credo.blogspot.com author of The Debt Generation, http questions the idea that throughout the financial crisis the banks and other financial institutions were simply suffering from a temporary liquidity crisis. He argues that in fact almost all the major banks were actually insolvent, their "assets" such as mortgage backed securities and credit default swaps no longer worth the paper they were written on. That, he says, is what really explains the credit crunch. This is part of a talk given by David Malone in Lancaster on November 24th 2010 at a public meeting organised by North Lancashire Green Party