No, it's not. There's literally no bid on some issues of commercial paper and MBS. Literally nobody is offering to buy these securities at any price. And we're

No, it's not. There's literally no bid on some issues of commercial paper and MBS. Literally nobody is offering to buy these securities at any price. And we're not even talking about speculative assets here. We're talking about things like 30-day collateralized notes from Microsoft. Do you really think the market is "pricing" that Microsoft is likely to go bankrupt in the next 30 days? Or is it more likely that there's a huge shortage of money relative to the liquidity demands imposed by the dislocations.