"The financial press and policymakers have made four claims about the nature of the crisis.

1. Bank lending to nonfinancial corporations and individuals has declined sharply.
   
2. Interbank lending is essentially nonexistent.
   
3. Commercial paper issuance by nonfinancial corporations has declined sharply and
   rates have risen to unprecedented levels.
   
4. Banks play a large role in channeling funds from savers to borrowers.

Here we examine these claims using data from the Federal Reserve Board. At least
based on data up until October 8, 2008, we argue that all four claims are false."

-- V.V. Chari, Lawrence Christiano, and Patrick J. Kehoe, "Myths about the Financial Crisis of 2008," Federal Reserve Bank of Minneapolis Working Paper 666, October 2008.