“L-T, L-T-R, L-T-R-O, LTRO!”

Never in the field of finance has so much guff been expended on a subject about which so many know so little. I conducted an informal poll yesterday of what the acronym actually stood for and was not surprised to see that many were unable to decipher the initials — and even fewer were able to explain the mechanics. (I was careful to consult the internet beforehand myself.)