This lighthearted observation of the stock market crash was written by W. Lee, “Pappy” O’Daniel and recorded by his Light Crust Doughboys. In the 1930’s they were a premier western swing band from Texas. The group was the ‘house band’ for Burris Mills which sold flour and for whom O’Daniel’s worked. He eventually had his own flour company and radio show which began each program with a voice saying “Pass the biscuits, Pappy.”
O’Daniel was elected Governor of Texas in 1938 and was accused of selling politics like flour. He promised large pensions with no tax increases and had a very strong anti-union leaning. In 1941 he ran for the senate and narrowly defeated LBJ by a few hundred votes. Rumors were that the political establishment in Texas supported him for the senate to get him out of the state.