While Donald Fagen and Walter Becker had a historical financial scam in mind when they wrote the lyrics for Black Friday, not the shopping frenzy after Thanksgiving, I still feel the song fits today’s occasion. They initially recorded the tune for Katy Lied, released in March 1975, and the first Steely Dan album following the breakup of the original five-piece line-up.
According to Songfacts, the inspiration for the tune was the original Black Friday on Friday, September 24, 1869, when a group of speculators headed by Jay Gould and his partner James Fisk, bought as much gold as they could on the New York Gold Exchange to drive up the price. But the government found out about the ploy and eventually released $4 million worth gold from the Treasury’s reserve into the market. This caused the gold price to nose-dive and investors to get hit.
While Black Friday, which also became the lead single from Katy Lied, was inspired by the above U.S. events, it includes the Australian town of Muswellbrook. “It was the place most far away from LA we could think of,” Fagen later explained, “and, of course it fitted the metre of the song and rhymed with book”.
…Black Friday comes
I fly down to Muswellbrook
Gonna strike all the big red words
From my little black book…
Katy Lied was the first Steely Dan album after Fagen and Becker had decided to stop touring and turn the band into a studio act. They also had started to increasingly rely on session musicians to record their music. Black Friday featured Michael Omartian on piano and David Paich on electric piano. The following year, Paich became one of the founding members of Toto. While Steely Dan also worked with various guitarists on the album, including Rick Derringer, Hugh McCracken and Larry Carlton, for a change, it was Becker himself who played the solo on Black Friday.
The single was a modest chart success in the U.S., peaking at no. 37 on the Billboard Hot 100. But Becker and Fagen never seemed to care much about chart performance. Plus, like all other Steely Dan albums, Katy Lied reached Gold certification before they went on hiatus in 1981 following the difficult recording sessions for the Gaucho album.
Sources: Wikipedia, Songfacts, YouTube