Credit-default-swap traders may need a shorter leash. LIQUIDATION. A GOOD SOAKING. PLENTY OF TEARS. It is real wet out there in the markets. Given all the known big-picture reasons for this drenching, does it makes sense to continue enabling the folks who make and sell umbrellas to force it to rain at will? The people with a stake in umbrella prices who are able to trigger a downpour are the traders who bid up credit-default swaps on individual companies, whether they own their debt or not, and short the stock. In combination, these actions feed signals into the market that...