WCC Test 2|61 Questions with Verified Answers,100% CORRECT
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WCC Test 2|61 Questions with Verified Answers
What is the Great Recession? - CORRECT ANSWER greatest economical crash since great depression
from housing market
banks collapsed, auto industry bankrupt, stock market lost 33.8 percent of value, unemployment around 10%, 2.6 mill lost jobs, 4...
WCC Test 2|61 Questions with Verified Answers
What is the Great Recession? - CORRECT ANSWER greatest economical crash since
great depression 2007-2009
from housing market
banks collapsed, auto industry bankrupt, stock market lost 33.8 percent of value,
unemployment around 10%, 2.6 mill lost jobs, 4 mill homes foreclosed, 49 mill
people food insecure,
what are some factors that caused the Great Recession? - CORRECT ANSWER
financial crash in 2008, elite deviance, people assumed housing prices always go
up
What is a flipper? - CORRECT ANSWER people who buy homes and renovate to
make money off the home
What did people assume about housing prices? - CORRECT ANSWER people
assume they always go up
What is a subprime mortgage? - CORRECT ANSWER used to keep people buying
houses
"we dont think you can afford it"
loans given to people the bank thinks are unlikely to pay them back
higher interest rates and fees
made up 7% of mortgages in 2001 and 20% in 2005
What is an adjustable loan? - CORRECT ANSWER interests small at first
, interest increases to the point where person cannot afford payments
a mortgage with an interest rate that may change one or more times during the
life of the loan
What is a credit default swap? - CORRECT ANSWER An insurance policy on a
financial product that pays when a particular loan goes bad
insurance in case housing market fails
who were some of the key players in creating the Great Recession? - CORRECT
ANSWER Treasury Secretary Henry Paulson
Federal Reserve Chair Ben Bernanke
N.Y. Fed Chair Timothy Geithner
Lehman Brothers CEO Richard Fuld
Morgan Stanley CEO John Mack
Goldman Sack CEO loyd blankfein
JP Morgan CEO JAime Diamon
BAnk of AMerica CEO Ken Lewis
President of S&P Kathleen Corbet
President George W Bush
What role did the government play in the Great Recession? - CORRECT ANSWER
First, the report identified failure on the part of the government to regulate the
financial industry. This failure to regulate included the Fed's inability to stop banks
from giving mortgages to people who subsequently proved to be a bad credit risk.
reduced down payments and loosened underiding standards
created fannie mae and freddie mac during new deal to help people buy homes
fed gov spun them into private companies after the housing market stabilized
people assumed the gov would back any loans they made
this was not the law
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