I agree that CRE isn't t-bills; I point out only that there is a spectrum of liquidity, and that on it, small businesses are to the left of antique furniture and the works of second-tier postminimalist painters. I originally wrote "commercial bonds" instead of treasuries, but realized quickly that someone on HN would write 6 grafs on how the bond markets are opaque, unfair, and intensely susceptible to gamesmanship.