The Arditi were the Italian assault troops of WWI, to understand the equivalent of German sturm-truppen or stoss-truppen. After the war many of them joined the fascism and the first squadristi, giving some of their symbols to the fascism: the black shirt, the black flames on collar and the dagger.
As you can see in this 1938 pic, the Arditi veterans section of Florence alone can show 7 gold medals and many silver and bronze... 
DVX

Veterans of WWI Arditi

Breda 30 and Mab 38A

Mad fly (volo folle) is an acrobatic figure you can see here. 
In the comments in the following pictures 
http://www.ww2incolor.com/italian-forces/Savoia-Marchetti_SM.html
some of you thougnt to a bad flying discipline; in reality they were raising this acrobatic figure. Considering they were flying over Madrid in a war mission, actually they were demonstrating selfconfidence and air superiority.
DVX