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The Wonder Bread logo of colored balloons was inspired by an International Balloon Race at the Indianapolis Speedway witnessed by Elmer Cline, the Vice President for merchandizing for Taggart Baking Company who manufactured Wonder Bread at the time, before Continental Baking bought them out.  The final version of the logo itself was designed by Drew Miller, who was a commercial artist working for a Chicago based ad agency hired to design the logo.

Click Here for Sources and to Learn Why Sliced Bread was Once Banned in the U.S.