Back in its glory days, better known as the 1960s and 1970s, Mad magazine was full of awesome fake ads like the ones archived in this Flickr account. Do yourself a favor and just start the slideshow while you're over there. Mad founder William M. Gaines refused to allow real ads in the magazine, which freed up his writers to make elaborate parodies that sometimes featured better composition and artwork than the originals (the "Barker 61" cigar ad being a prime example). Depending on your outlook, these fake ads will either lessen or add to the sting of Mad being like 50 percent real ads now.
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