Lets Have Another Cup of Coffee

This Video is really a song but I think it really says something about the state of the nation circa 1932. It is well known that the depression started in 1929, on Black Tuesday when the market crashed. What is not very well known is that ‘main-street’ or ‘the real economy’ didn’t hit rock bottom until 1933-1935. I can’t quite decide whether this song by Phil Spitalny is ironic or genuine; although I am leaning toward ironic given the rapidly increasing poverty and job loss in 1932 when this song was written. The most telling line of the song is “Mr. Herbert Hoover says now’s the time to buy/ lets have another cup of coffee….”; Hoover between 1929 and his termination in 1933 constantly told the nation that ‘prosperity was right around the corner’ and ‘now would be a great time to buy property because the market has settled at its absolute bottom and has no where to go but up’, echoing many financial analysts of the times. Sounds a lot like Barack Obama and CNBC circa 2009-2010.

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