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Related Flashcards
Related Topics
Cards In This Set
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What is Fiat money?
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Government issued money based on its own laws. Could be traded as though it has value of its own.
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Who backs our money?
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The government.
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Who is responsible for maintaingin adequate money supply?
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Federal Reserve System.
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What is money?
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Any circulatory medium of exchange.
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What is the scientific study of money and its history?
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Numismatics.
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What is a savings and loan institution?
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Specialized bank created to promote affordable homeownership.
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What is the S & L crisis?
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Failure of 747 saving and loan associations in the United States.
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What is the FIRREA?
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Financial Institutions Reform Recovery and Enforcement Act.
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What caused the S&L crisis?
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Congress relaxed restrictions on savings and loans activities, allowing these banks to invest in risky commercial ventures.
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How much did the S & L crisis cost?
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$153 billion.
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Most banks are_____?
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Profit-making, private emterprises.
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What is the FDIC?
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Federal Deposit Insurance Corporation.
*funds in non-interest bearing transaction accounts are fully insured
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What is a credit union?
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A cooperative financial institution that is owned and controlled byits members. Providing credit at reasonable rates and other financial services (not for profit)
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What is a saving and loan association?
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Also known as a Thrift. A financial institution that specializes in accepting savings deposits and making mortgage loans.
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What is the senate ethics committee?
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Group of senators that deal with matters related to senatorial ethics. Evenly divided between Democrats and Republicans.
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