Answer:
<u>Caused Stock Market Crash</u>
- Increased buying of stocks on credit
- Income-tax cuts pumping money into the market
- Marked decline in construction industry
In the 1920s U.S. stock prices were rising at an unsustainable rate so much so that a lot of people wanted to benefit from the stock market. They pumped everything they had inside including the income tax cuts by the government. They even used credit/ loans to buy stocks.
In 1928, the Fed was worried about how overheated the economy was and raised interest rates which hurt the construction industry which relied heavily on loans.
These factors led people to become desperate such that when the market declined even a little bit, people began to sell in large quantities so as to make back their investments and so the stock market crashed.
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<u>Result of the Crash.</u>
- Fallout from the "court-packing" scheme
- Roosevelt's implementation of the principles of Keynesian economics
After the Crash, Roosevelt came to power and began to implement Keynesian economic principles which called for government intervention to save a failing economy as opposed to waiting for it to correct itself. When the Supreme Court kept threatening to impede his programs, Roosevelt tried to engage in Court-Packing which would involve increasing the number of Supreme Court Justices.
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A shogun is a Japanese Emporer
Answering the question, the federal art project set a precedent for <u>federal funding of the arts and artists</u>. This implies the correct answer is B.
The federal art project was established by President Franklin Roosevelt in 1935. The president created the new deal program to finance the virtual arts. The New deal program was headed by Holger Cahill.
<h2>Further Explanation</h2>
The federal art project was also a part of the works progress administration (WPA). The Works progress administration was an agency created by the president to cushion the effect of the high rate of unemployment.
The federal art project was created to employ artists and artisans to create easel paintings, posters, graphic designs, arts and crafts and many more.
The WPA federal art project achieved some the followings:
- 8.5 million Americans were employed for different public works projects
- The Federal Art Project created numerous community art centers across the country
- The Art project provides financial assistance to destitute artists
- The FAP also researched on American designs and its findings were documented
Although, the Federal Art Project operated throughout the country but have a huge presence in New York where over 3000 artists took part in the project. President Roosevelt ended the Federal Art project in 1943.
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KEYWORDS:
- federal art project
- united states
- artists
- artisans
- new york
- roosevelt
