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It is a theory, but the odds are stacked in favor of that theory. The midgets could be considered the 'little people' (citizens of America); The scarecrow has no brain (the farmers); The lion needs courage (politicians); The 'red slippers' are silver slippers in the original book (silver being injected into the economy (carried down the yellow brick ((gold)) road)); The wicked witch of the east, house lands on her (declining house values in the east); The good witch of the north (the north is the so called 'savior').

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