CP down 35% in the last year?

Bloomberg reports:

Companies cut their short-term borrowing for the sixth straight week, for a total contraction of $366 billion to $1.45 trillion, the Fed said Oct. 23, as investors balked at taking on the debt. The market is down 35 percent from its peak of $2.22 trillion in August 2007.

Apparently two thirds or that contraction is in the last 6 weeks. I’m not specialist on monetary policy, and I realize that some of that borrowing was done elsewhere. But, some of it, certainly in the last six weeks certainly was not. If companies are borrowing, say, 10% less than they were a year ago, doesn’t that mean we’ve had at least a 10% contraction in GDP?