Consider the following charts:
The only people making commercial and industrial loans are the largest 100 banks.
Moving on to the consumer, we're seeing households cutting back on overall debt:
The financial services obligation ratio tells us the households are still cutting back on debt, which is evidence from the slight drop in household debt outstanding.
Finally, commercial real estate is in terrible shape, meaning no one in this area of the economy is borrowing either.
Simply put, there is little overall borrowing demand right now.