Excerpt from Treasury Sec. Henry M. Paulson’s Speech on the Financial Crisis, 2008
Last night, Federal Reserve Chairman Ben Bernanke, SEC Chairman Chris Cox and I had a lengthy and productive working session with Congressional leaders. We began a substantive discussion on the need for a comprehensive approach to relieving the stresses on our financial institutions and markets.
We have acted on a case-by-case basis in recent weeks, addressing problems at Fannie Mae and Freddie Mac [two government backed mortgage firms], working with market participants to prepare for the failure of Lehman Brothers, and lending to AIG so it can sell some of its assets in an orderly manner. And this morning we've taken a number of powerful tactical steps to increase confidence in the system, including the establishment of a temporary guaranty program for the U.S. money market mutual fund industry.
Despite these steps, more is needed. We must now take further, decisive action to fundamentally and comprehensively address the root cause of our financial system's stresses.
The underlying weakness in our financial system today is the illiquid mortgage assets that have lost value as the housing correction has proceeded. These illiquid assets are choking off the flow of credit that is so vitally important to our economy. When the financial system works as it should, money and capital flow to and from households and businesses to pay for home loans, school loans and investments that create jobs. As illiquid mortgage assets block the system, the clogging of our financial markets has the potential to have significant effects on our financial system and our economy.
Use the excerpt to answer the question.
What metaphor did Henry M. Paulson use to describe the financial crisis in 2008?
A.
a clogged pipe
B.
a failure of communication
C.
a few rotten apples
A. a clogged pipe
Excerpt from Barack Obama’s Acceptance Speech at the Democratic National Convention, August 28, 2008
I get it. I realize that I am not the likeliest candidate for this office. I don't fit the typical pedigree, and I haven't spent my career in the halls of Washington.
But I stand before you tonight because all across America something is stirring. What the nay-sayers don't understand is that this election has never been about me. It's been about you.
For eighteen long months, you have stood up, one by one, and said enough to the politics of the past. You understand that in this election, the greatest risk we can take is to try the same old politics with the same old players and expect a different result. You have shown what history teaches us—that at defining moments like this one, the change we need doesn't come from Washington. Change comes to Washington. Change happens because the American people demand it—because they rise up and insist on new ideas and new leadership, a new politics for a new time.
America, this is one of those moments.
Use the excerpt to answer the question.
Which of the following of Barack Obama’s characteristics in 2008 does this excerpt highlight?
A.
his race
B.
his inexperience
C.
his liberalism
D.
his education
B. his inexperience
Excerpt from Barack Obama’s Remarks on the Affordable Care Act, April 1, 2014
Everybody, please have a seat. Thank you so much. Welcome to the White House.
Six months ago today, a big part of the Affordable Care Act kicked in as healthcare.gov and state insurance marketplaces went live. And millions of Americans finally had the same chance to buy quality, affordable health care—and the peace of mind that comes with it—as everybody else.
Last night, the first open-enrollment period under this law came to an end. And despite several lost weeks out of the gate because of problems with the website, 7.1 million Americans have now signed up for private insurance plans through these marketplaces—7.1. (Applause.)
The truth is, even more folks want to sign up. So anybody who was stuck in line because of the huge surge in demand over the past few days can still go back and finish your enrollment—7.1 million, that’s on top of the more than 3 million young adults who have gained insurance under this law by staying on their family’s plan. That’s on top of the millions more who have gained access through Medicaid expansion and the Children’s Health Insurance Program. Making affordable coverage available to all Americans, including those with preexisting conditions, is now an important goal of this law.
Use the excerpt to answer the question.
This excerpt suggests that Obama realized that
A.
passing the law was easy, getting people to sign up would not be.
B.
signing up patients was easy, finding insurers was not.
C.
executing the act was almost as hard as passing it.
D.
bipartisanship paid off in 2014, and it would have in 2010.
A. passing the law was easy, getting people to sign up would not be.
Question 21 of 22
Excerpt from Barack Obama’s Remarks on the Affordable Care Act, April 1, 2014
Everybody, please have a seat. Thank you so much. Welcome to the White House.
Six months ago today, a big part of the Affordable Care Act kicked in as healthcare.gov and state insurance marketplaces went live. And millions of Americans finally had the same chance to buy quality, affordable health care—and the peace of mind that comes with it—as everybody else.
Last night, the first open-enrollment period under this law came to an end. And despite several lost weeks out of the gate because of problems with the website, 7.1 million Americans have now signed up for private insurance plans through these marketplaces—7.1. (Applause.)
The truth is, even more folks want to sign up. So anybody who was stuck in line because of the huge surge in demand over the past few days can still go back and finish your enrollment—7.1 million, that’s on top of the more than 3 million young adults who have gained insurance under this law by staying on their family’s plan. That’s on top of the millions more who have gained access through Medicaid expansion and the Children’s Health Insurance Program. Making affordable coverage available to all Americans, including those with preexisting conditions, is now an important goal of this law.
Use the excerpt to answer the question.
How many Americans had benefited from the health care law by the time of these remarks?
A.
3 million
B.
7 million
C.
10 million
D.
more than 10 million