I know the media has reported that the commercial paper market has “stabilized” this week. In fact, even Chairman Bernanke said so in his testimony before Congress last Thursday. At the time, I told you I thought that was bullshit. Everyone keeps cherry picking the CP data they want. Usually it has to do with outstandings and that is a very dangerous way to look at things. I evaluate outstandings, the yield curve, the spread and the maturity distribution to get a more balanced view. So I just thought I’d post some pictures of CP “stabilizing” from the Federal Reserve Commerical Paper website. Does this look like stability to you?