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

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

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

4. What refers to trade in high volumes at prices that are considerably at variance with intrinsic values?

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

Short Essay Questions

1. How did Greenspan's views of American politics change over time?

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

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

4. With what Tea Party member did Taibbi travel? What did he discover about the Republican candidates' issues?

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

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

7. How does Taibbi believe Sarah Palin took Nixon's campaign strategy further?

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

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

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 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 2

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 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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