In a 1925 political cartoon, a confident Uncle Sam stands atop the "Peak of Prosperity," hoisting a triumphant banner labeled "Highest Standard of Living in the History of the World." Behind him, on a pile of ancient ruins, stands Ancient Rome, calling out to Uncle Sam to "Watch your step!" In mid decade, however, it seemed unthinkable to most Americans that the nation's astounding prosperity was unstable, that its rebound from the severe postwar depression was heading anywhere but up. After all, Americans were producing, selling, advertising, consuming, embracing credit—and investing "on margin" in the stock market—with unquenchable enthusiasm. Amidst the ballyhoo and genuine pride, words of warning were acknowledged, then forgotten. "We have today in these United States," asserted black leader W. E. B. Du Bois, "cheek by jowl, Prosperity and Depression." Many Americans had been left behind in the boisterous expansion of the middle class, especially farmers, factory laborers, and minorities. Union labor campaigned for legitimacy and a "living wage," often resorting to strikes which antagonized the general public and fueled anxiety that the nation was under attack from subversive radicals and anarchists. A sinister "us vs. them" cloud hovered in the otherwise blue skies of American confidence. Not all was well. Ancient Rome warned, "Watch your step."*
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