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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 does AIG stand for?
(a) American Independent Group.
(b) American Industrial Group.
(c) Atlanta International Group.
(d) American International Group.

2. Where did Alan Greenspan earn a B.S. degree in economics summa cum laude?
(a) Yale University.
(b) New York University.
(c) Harvard University.
(d) Princeton University.

3. From 1948 to 1953, Alan Greenspan worked as an economic analyst at what business and industry oriented think-tank in New York City?
(a) The National Industrial Conference Board.
(b) The Republican Commission for Wealth.
(c) The Federal Reserve.
(d) The Democratic Board of Industry.

4. Alan Greenspan recommended the Reagan era increase in Social Security tax, and the rate went from 9.35% to ___________.
(a) 15.3%.
(b) 20.1%.
(c) 12.5%.
(d) 13.9%.

5. In 2002, less than how much worth of subprime loans was approved?
(a) $100 billion.
(b) $1 billion.
(c) $200 billion.
(d) $300 million.

Short Answer Questions

1. Where did Matt Taibbi hear Sarah Palin's acceptance speech in Chapter 1?

2. Eljon Williams contacted what firm to help him get a home loan with a fixed mortgage?

3. What are created when banks split their mortgage loan payments into three levels and sell them in separate packages?

4. Where was Ayn Rand born?

5. When was Alan Greenspan born?

Short Essay Questions

1. What actions did Alan Greenspan take which led directly to the housing bubble bust?

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

3. How are "no doc" loans described in Chapter 3? How were the borrowers scammed in this system?

4. What does Taibbi assert was at the root of the 2008 financial crisis?

5. How does the Tea Party mislead its followers from the true enemy, according to the author?

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

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

8. How did Matt Taibbi feel about the Presidential campaign in Chapter 1? What events were unforeseen at this point in history?

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

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

(see the answer keys)

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