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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. What are created when banks split their mortgage loan payments into three levels and sell them in separate packages?
(a) Tranch blocks.
(b) Collectives.
(c) Incidentals.
(d) Derivatives.

2. When was Alan Greenspan born?
(a) 1940.
(b) 1953.
(c) 1911.
(d) 1926.

3. By 2005, there was over how much money in subprime loans approved?
(a) $600 billion.
(b) $500 billion.
(c) $300 million.
(d) $800 billion.

4. Eljon Williams learned that the firm which helped him obtain a mortgage had gotten a commission of how much money?
(a) $5,000.
(b) $8,000.
(c) $10,000.
(d) $12,000.

5. During his economic studies, Alan Greenspan worked under Eugene Banks, a managing director at what Wall Street investment bank?
(a) Brown Brothers Harriman.
(b) Deutche Bank.
(c) Solomon Edwards.
(d) Simon & Schuster.

Short Answer Questions

1. The loans on the bottom tier of derivatives were referred to as what?

2. According to the author, many loans were _____ meaning there was no documentation that confirmed their qualifications for the loans.

3. In Atlas Shrugged, a group of men break off on their own and form __________.

4. When was Ronald Reagan born?

5. According to the author, in his years of power, Alan Greenspan was able to turn the Federal Reserve into what?

Short Essay Questions

1. What campaign strategy of Richard Nixon's does Taibbi describe in Chapter 1?

2. What impact did Alan Greenspan have on the Federal Reserve during his years in power?

3. What did Eljon Williams learn about the commission involved in his mortgage?

4. What does Taibbi assert to be the fundamental problem the the Tea Party's approach?

5. Describe the different tranches of subprime loans discussed in Chapter 3. What were the differences between the tranches?

6. What does Taibbi write of his thoughts on Sarah Palin in Chapter 1?

7. What truth of American politics does Taibbi assert in Chapter 1?

8. What is the fundamental belief of objectivism, as described in Chapter 2?

9. What setback does the author describe for a banker named Andy?

10. Where was Ayn Rand from? How is she described in Chapter 2?

(see the answer keys)

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