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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. When was Atlas Shrugged published?

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

3. Alongside what Presidential nominee did Sarah Palin run as Vice President of the United States?

4. What refers to a market for securities (debt or equity), where business enterprises and governments can raise long-term funds?

5. Ronald Reagan was the thirty-third governor of what state?

Short Essay Questions

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

2. How did the public and private sectors evolve and change during Alan Greenspan's reign of the Federal Reserve, as described in Chapter 2?

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

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

5. Who was Joe Cassano? What authority did he achieve?

6. How did the market for subprime loans change between 2002 and 2005?

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

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Describe the actions of Goldman-Sachs in relation to speculative trading. What actions did Goldman take which were unethical? What actions were potentially illegal?

Essay Topic 2

Discuss CNBC economic analyst Rick Santelli and his response to Obama's plan to prevent foreclosures. What are other comments Santelli has made against the administration?

Essay Topic 3

Define and analyze securitization, sub prime loans and derivatives. How and when did these terms enter the American financial world?

(see the answer keys)

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