“I vividly remember traders screaming, ‘The market’s broken! I can’t get a price, any price! Said @JARRODWKERR IN @THESPINOFFTV?

Figures 7A and 7B display data for the interest rate on commercial paper with a maturity of 90 days for financial and non-nancial corporations2 . These figures show that, during the financial crisis, this interest rate has risen for financial institutions and has barely budged for non-financial institutions with a AA rating. It has risen fairly dramatically for non-financial corporations with an A2/P2 rating. Note that, even though the interest rate for financial institutions has risen recently, it is still well below the levels that prevailed from the beginning of 2006 to the middle of 2007. These figures show that the financial crisis has not led commercial paper rates to rise to levels well beyond historical levels. Taken together, Figures 6A through 7B show that the third claim is false, at least as of October 15.

From https://www.minneapolisfed.org/research/working-papers/facts-and-myths-about-the-financial-crisis-of-2008

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