How did Bernie Madoffs Ponzi scheme serve as a metaphor for the

Question

How did Bernie Madoffs Ponzi scheme serve as a metaphor for the American economy?

a. The American economys growth was based on borrowing from others and spending money people did not have.

b. Hard work and wise investments were key to the growth of the American economy.

c. The American economy did not grow because there was a lack of investors from the United States and overseas.

d. The American economy could withstand significant changes to products in the market, as long as the companies themselves remained solvent.

e. Open and honest communication between investors and companies was a key factor in stimulating economic growth in America.

ANS: A TOP: The Great Recession DIF: Difficult

REF: Full p. 1112 | Seagull p. 1133 MSC: Understanding OBJ: 1. Explain what events eroded support for President Bushs policies during his second term.

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