To kill a joke by explaining it, how many get the chain of puns? In former times, you would hear of “Indian Rubber”, meaning rubber from India, a word you don’t hear anymore, normally you just hear “rubber.” You would also hear of “rubber bands”, as you still do. So, in the spirit of Wheel of Fortune, you have “Indian Rubber Bands”. So, the pun is that it then becomes a band of Indians (as in ‘Native Americans’). When I first saw it, I thought of music bands, as that’s the only context we hear that use of bands now, but you used to hear the word “band” used as in “raiding bands”. I thnk the Indians still used that term, though, as in “Little River Band”.
Now, of course (to echo Faxon), the word “Indians” to refer to the people we now call “Native Americans” is slowly becoming a persecuted term. I love how my wife (a native of Sri Lanka, whose people come from India), calls “Native Americans” “Red Indians”.
All that remains of older culture must be persecuted, in the spirit of Mao.
Tangentially, does anybody remember when “rubbers” was used to refer to a product that we now refer to by its more proper name? Nowadays of course, that would be verboten, as it might imply that you didn’t have full respect for the product, a sin which is punishable in this world.