The appearance of improved commercial paper and credit facilites appears to be just that, an appearaance

" overnments world over have issued guarantees and commitments to assure the world that they would not let any major counterparty to fail. This has created the desired impact in short term credit and lending markets, as well as the longer term corporate bond markets. It has also produced the effect that I anticipated, moral hazard (ex. the continued extreme risk taking at Goldman Sachs despite being backstopped by the US government - see The Goldman conspiracy theory is now no longer a theory) as well as the carry of corporate risk by central banks and governments in lieu of private investors."