The rest of the lyrics are great, and it's worth a listen.
1. I'm working my way through an archive of Warner Bros cartoons from the 1930s, and they sing that song a lot, along with Shuffle off to Buffalo. I love watching movies from that period, in order, to see how rapidly the art of movie-making was progressed in that period. And it's turning out to be true in cartoons as well. The first efforts were mostly of the Look Ma No Hands! variety. It must have been amazing that they could do it at all. I imagine people watching the movies the same way we used to revel at the early CP/M machines we hobbyists had in our living rooms. The miracle was that you could have a computer in your living room! Never mind they were a lot bigger than a breadbox. It was a miracle. Then a few years later we had Apple II's and a few years after that, Macs. And then HTTP into the home. You know the rest of the story. The 30's were to movies like the 80s were to PCs.
2. We're actually in a depression now, I think we'll see that in retrospect in a couple of years, and what's eerie about this one, according to people who study the history of the Great Depression, is that we're doing all the crazy things they did back then, again. It's as if we're re-living the past.
In the Warner cartoons of 1933 they already have caricatures of Hitler. Watching them, almost 80 years later, we know what was going to happen. The depression would keep going through the rest of the decade, while Germany was re-arming, and getting ready for mayhem.