Ignorance is . . .


From the Wall Street Journal (emphasis mine):

The most worrying aspect of the crisis is a growing reluctance among financial institutions to offer basic loans that are the lifeblood of the economic system. The Federal Reserve said Thursday the situation had worsened over the past week. Its data showed lenders reduced short-term loans to companies by a record $94.9 billion, bringing the total decline to $208 billion over the past three weeks.

These loans, known as "commercial paper," run anywhere from a few days to three months, and are routinely used by businesses of all stripes to fund day-to-day operations -- paying the bills, meeting salaries. The market for these loans, which totaled $2.2 trillion last summer, has shrunk to $1.6 trillion.

The Wall Street Journal has to define "commercial paper" for its readers?

No wonder we're in trouble . . .