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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. When was Ronald Reagan born?
(a) 1919.
(b) 1911.
(c) 1930.
(d) 1925.
2. 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 Democratic Board of Industry.
(c) The Federal Reserve.
(d) The Republican Commission for Wealth.
3. Alan Greenspan served as Chairman of the Federal Reserve of the United States during what years?
(a) 1985-2004.
(b) 1987-2006.
(c) 1980-2000.
(d) 1990-1999.
4. Who was Vice President to Richard Nixon?
(a) George H. Bush.
(b) Ronald Reagan.
(c) Lyndon Johnson.
(d) Spiro Agnew.
5. Eljon Williams and his wife were shocked when their mortgage went up over how much from one month to the next in Chapter 3?
(a) $200.
(b) $300.
(c) $500.
(d) $100.
Short Answer Questions
1. In Chapter 3, what fee did companies that would attach a borrower's name to the credit score of another person who was more credit worthy charge?
2. In what year did Alan Greenspan earn his M.A. degree in economics?
3. By 2005, there was over how much money in subprime loans approved?
4. What refers to a financial market where participants can issue new debt, known as the Primary market, or buy and sell debt securities, known as the Secondary market, usually in the form of bonds?
5. What refers to a form of government in which engineers, scientists, health professionals, and other technical experts are in control of decision making in their respective fields?
Short Essay Questions
1. Describe the different tranches of subprime loans discussed in Chapter 3. What were the differences between the tranches?
2. How did Greenspan's views of American politics change over time?
3. Where was Ayn Rand from? How is she described in Chapter 2?
4. What actions did Alan Greenspan take which led directly to the housing bubble bust?
5. What impact did Alan Greenspan have on the Federal Reserve during his years in power?
6. Who was Joe Cassano? What authority did he achieve?
7. What campaign strategy of Richard Nixon's does Taibbi describe in Chapter 1?
8. How did Matt Taibbi feel about the Presidential campaign in Chapter 1? What events were unforeseen at this point in history?
9. How did the market for subprime loans change between 2002 and 2005?
10. What does Taibbi assert to be the fundamental problem the the Tea Party's approach?
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