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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

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

2. According to the author, what philosophy translates to "My facts are facts and your facts are not facts"?

3. What refers to a numerical expression based on a statistical analysis of a person's credit files that represents the creditworthiness of that person?

4. Alan Greenspan recommended the Reagan era increase in Social Security tax, and the rate went from 9.35% to ___________.

5. During his economic studies, Alan Greenspan worked under Eugene Banks, a managing director at what Wall Street investment bank?

Short Essay Questions

1. What does Taibbi remark about the Tea Party's obsession with the past?

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

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

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

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

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

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

8. How does the author relate Alan Greenspan's methods with those of a casino?

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

10. What process did banks undertake in order to sells risky loans, as described in Chapter 3?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Discuss the role of the news media in politics today. How has the media changed in the past 50 years and what have been the impacts of those changes?

Essay Topic 2

Discuss the changes in speculative trading during the George W. Bush administration. What did these changes mean for Goldman-Sachs?

Essay Topic 3

Discuss Solomon Edwards and the mortgage scams described in Chapter 3: Hot Potato, The Great American Mortgage Scam. What methods did investment companies use to coerce borrowers to commit to adjustable-mortgage loans?

(see the answer keys)

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