1. Describe the sequence of events from March to November 2008 and Bear Stearns role in the crisis.

2. Did the Fed act appropriately to handle this situation? With full knowledge today, how do you think the Fed might act differently in the sequence of bail-outs and non-bailouts from March to September 2008?

3. What has the Fed been doing since 2008? How has this affected rates and the yield curve? How has this affected liquidity for low-credit-quality assets?