The Commercial Paper Squeeze: Why It Hurts

A bond market expert explains how short-term commercial paper lubricates the gears of commerce, and what happens when it folds up

Anthony Crescenzi, chief bond market strategist at New York-based Miller Tabak & Co., has published such books as The Money Market and Investing From the Top Down. In an e-mail exchange with BusinessWeek Senior Editor Suzanne Woolley, Crescenzi discussed the importance of a corner of the financial world that many investors rarely considered until the credit markets started faltering.

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