Remembering when bankers tried to overthrow FDR and install a fascist dictator

Yes, a coup d'état.

FDR
Image source: History Archive / Universal Images Group via Getty Images
  • Though we know today that his policies eventually ended the Great Depression, FDR's election was seen as disastrous by some.
  • A group of wealthy bankers decided to take things into their own hands; they plotted a coup against FDR, hoping to install a fascist dictator in its stead.
  • Ultimately, the coup was brought to light by General Smedley Butler and squashed before it could get off the ground.

When we look back at history, we have the benefit of knowing how things turned out. Not true for those who were living through history's tensest moments. At key inflection points in history and in response to crises, most of the actors had no idea what would happen or what the right thing to do was. Sometimes, this uncertainty drove people to bold and ill-advised actions.

Take the Great Depression. Something had to be done, but nobody knew what for certain. When Franklin Delano Roosevelt was elected on a campaign that promised to abandon the gold standard and provide government jobs for the unemployed, many in the grips of the crisis thought that this was certainly the wrong way to go.

"This is despotism, this is tyranny, this is the annihilation of liberty," wrote Republican Senator Henry D. Hatfield of West Virginia to a colleague. "The ordinary American is thus reduced to the status of a robot. The president has not merely signed the death warrant of democracy but has ordained the mutilation of the Constitution, unless the friends of liberty, regardless of party, band themselves together to regain their lost freedom."

The allure of fascism

Fascism had reared its head in Europe, and the world had yet to make up its mind what it thought about it. That would come later, in World War II. Many thought that the best way to pull America out of the Great Depression was to install a dictator. Even the New York Herald Tribune ran a headline called "For Dictatorship If Necessary." Although the newspaper's article was in support of FDR, a group of wealthy financiers believed that America should indeed have a dictator, just not in the form of FDR, a suspected communist. So, they began to plot a coup d'état that would later come to be known as the Business Plot, or the Wall Street Putsch.

The conspirators included Gerald MacGuire, a bond salesman; Bill Doyle, commander of the Massachusetts American Legion; investment banker Prescott Bush, the father of George H. W. Bush and grandfather of George W. Bush; and others.

The Business Plot nearly involved another individual as well: Retired Major General Smedley Butler, who was at that time the most decorated soldier in U.S. history. After his military career, however, Butler became a vociferous critic of war and its place in American capitalism. Later, he would write the famous War is a Racket and an article in the socialist magazine Common Sense stating, "I spent most of my time as a high-class muscle man for Big Business, for Wall Street and the bankers. In short, I was a racketeer, a gangster for capitalism."

Butler was also an influential figure in the so-called Bonus Army, a group of 43,000 marchers — among them many World War I veterans — who were camped at Washington to demand the early payment of the veteran's bonus promised to them for their service. Although his politics leaned more to the left than the Business Plot conspirators would like, Butler was extremely well-respected among veterans and the military, who, like everybody else, were fed up. What's more, MacGuire believed that Butler could be more easily manipulated than other generals. And the conspirators needed a general.

The members of the Business Plot set up several meetings with Butler where they not-so-gradually informed him of their plan. The conspirators would provide the financial backing and recruit an army of 500,000 soldiers, which Butler was to lead. The pretext for the coup would be that FDR's health was failing. FDR would remain in a ceremonial position, in which, as MacGuire allegedly described, "The President will go around and christen babies and dedicate bridges and kiss children." The real power of the government would be held in the hands of a Secretary of General Affairs, who would be in effect a dictator: "somebody to take over the details of the office — take them off the President's shoulders. … A sort of a super secretary."

General Smedley Butler. Image source: Wikimedia Commons

Quashing the Business Plot

However, Butler was not so willing a compatriot as they had originally suspected. After meeting with the men several times and learning of the extent of their plan, Butler went to Congress to expose them as traitors. When news broke, nobody really believed that such a coup attempt could even be considered, let alone planned or put into action. In fact, the New York Times's initial reporting on the subject was full of quotes like "Perfect moonshine!", "A fantasy!", and "It's a joke — a publicity stunt." A second article from the New York Times's on the topic was titled "Credulity Unlimited."

Initially, Congress's reaction was similar, but with Butler's testimony; the testimony of reporter Paul French, who was present at one of Butler's meetings with MacGuire; and MacGuire's own unconvincing testimony, they began to take it more seriously and investigated the subject.

Ultimately, the Congressional investigation found that Butler was telling the truth: the seeds of a coup had indeed been planted. But Congress's perspective was that the plot had little chance of getting off the ground at all — rather, it had been, in the words of Mayor La Guardia of New York, "a cocktail putsch."

Nobody was prosecuted in the plot. In fact, some later went on to serve in office, such as Prescott Bush. Would the coup have been carried out had Butler merely turned down MacGuire's offer, rather than report them to Congress? It's impossible to say. But the Wall Street Putsch does show that dire times can drive people to make otherwise inconceivable — "moonshine" — plans.

How tiny bioelectronic implants may someday replace pharmaceutical drugs

Scientists are using bioelectronic medicine to treat inflammatory diseases, an approach that capitalizes on the ancient "hardwiring" of the nervous system.

Left: The vagus nerve, the body's longest cranial nerve. Right: Vagus nerve stimulation implant by SetPoint Medical.

Credit: Adobe Stock / SetPoint Medical
Sponsored by Northwell Health
  • Bioelectronic medicine is an emerging field that focuses on manipulating the nervous system to treat diseases.
  • Clinical studies show that using electronic devices to stimulate the vagus nerve is effective at treating inflammatory diseases like rheumatoid arthritis.
  • Although it's not yet approved by the US Food and Drug Administration, vagus nerve stimulation may also prove effective at treating other diseases like cancer, diabetes and depression.
Keep reading Show less

Half of evangelicals believe Trump is anointed by God

A recent survey also found that political messaging from the pulpit increased the likelihood of believing presidents to be ordained by God.

President Trump and faith leaders say a prayer during a signing of a national day of prayer for people affected by Hurricane Harvey.

Culture & Religion
  • Evangelical support of President Trump has baffled many who find his conduct at odds with core Christian values.
  • A recent survey found that 49 percent of white evangelical Protestants believe Trump was chosen by God.
  • Additional data found evangelicals are mixed on his moral character but view him as critical to political victories.

For non-Trumpists, one of the most baffling qualities of his presidency is the overwhelming support received from evangelical Christians. A record 81 percent of white evangelicals voted for Trump, more than George W. Bush, and that support has grown into a fervor over the years.

As Reza Aslan, author of "Zealot: The Life and Times of Jesus of Nazareth," told Big Think in an interview: "This makes no sense to people, especially when you consider that Trump is not just the most irreligious president in modern history. His entire worldview makes a mockery of core Christian values like humility and empathy and care for the poor."

While Jesus taught humility (Philippians 2:7), Trump is braggadocios. While Jesus taught us not to covet earthly possessions (Matthew 6:19), Trump built his reputation on worldly riches. While Jesus taught his followers to love your enemies (Matthew 5:44), Trump tweets vitriol at his opposition.

So how can so many Christians support two men with diametrically opposed worldviews? The answer is multifaceted, but a recent survey may have found a crucial element in understanding this ostensible discrepancy. According to the results, a healthy number of evangelicals believe Trump to be anointed by God.

A divine mandate

Two graphs showing how church attendance increases the likelihood that someone will believe all presidents (blue) or Trump (orange) were anointed by God. The graph on the left shows the survey's 2019 results, the right its 2020 results.

(Photo: Paul Djupe and Ryan Burge)

Paul Djupe and Ryan Burge, associate professors of political science at Denison University and Eastern Illinois University, respectively, noticed a spate of pastors, pundits, and politicians exclaiming Trump to be God's chosen one. To pick one example, televangelist Pat Robertson has claimed that Trump received a mandate from God.

"I think, somehow, the Lord's plan is being put in place for America and these people are not only revolting against Trump, they're revolting against what God's plan is for America," Robertson said during a February 2017 broadcast of "The 700 Club."

The two sociologists wanted to see if such beliefs were widespread among America's Christians or just the hyperbolic musings of ratings-hungry talking heads. In May 2019, they surveyed just over 1,000 church-attending Protestants and asked them two questions: First, did they believe all presidents were anointed by God; Second, did they believe President Donald Trump was specifically anointed by God?

In their sample, about a third of white evangelicals agreed that Trump was ordained by God to win the 2016 election. Djupe and Burge also found that as church attendance increased, so did the percentage of those who agreed with both questions.

For example, among white Protestants who attended church less than once a month, only 9.4 percent agreed that Trump was anointed by God. But among white Protestants who attended church more than once a week, that number leaped to 29.6 percent. When Djupe and Burge looked specifically at Pentecostals, they found 53 percent connected Trump's presidency with divine design.

Djupe and Burge ran their survey again in March 2020, asking the same questions to a quota-sampled cohort that matched the previous study in gender, region, and age. As with the previous study, they released their research as a teaching resource on their blog, Religion in Public.

They found belief in Trump's anointment had risen across their sample, again increasing in proportion with church attendance. Among white Protestants who attend church once or more a week, belief in Trump's anointment rose to 49.5 percent. Their sample also showed a rising belief that all presidents were anointed.

Other surveys have shown similar results. A 2020 Pew Research Center survey asked Americans, not just church-attenders, about God's role in recent presidential elections. They found that 32 percent of the more than 6,000 respondents, a sizable minority, believed Trump's election must be part of God's overall plan—though only 5 percent of those respondents believed God chose Trump because of his policies.

The survey found similar opinions regarding Obama's election, suggesting a not insubstantial belief that God involves himself with American elections but remains fiercely nonpartisan.

The political pulpit

A graph showing how political speech from clergy correlates with increased belief that Trump was anointed by God. The correlation proved strongest among Republicans.

(Photo: Paul Djupe and Ryan Burge)

Evangelicals believing God chose Trump may go some way in explaining their support of him, but it doesn't relieve the perceived cognitive dissonance between Trump's values and those of core Christianity.

In his interview, Reza Aslan argued Trumpism had become a cult for fundamentalists. For these fundamentalists, Trump became a warrior under the auspice of God to fight on behalf of evangelical beliefs. A "salvific character" to worship, as Aslan put it.

Bruge and Djupe don't go so far as to call Trumpism a cult; However, their data back the idea that Trump's rise can be linked to defensive circling against perceived threats and repeated messaging.

"We were quite surprised by the result that 49 percent of those frequently attending worship services believed that Trump was anointed by God to be president," Bruge and Djupe told Fox News in an interview. "At least until we examined the evidence that suggested religious and secular elites continue to claim that Trump has a religiously significant role to play."

The sociologists also asked their 2020 respondents whether they heard clergy mention political topics at the pulpit. They found a strong correlation between church attendance with political messaging and a belief in Trump's anointment among Republicans (see the above graph). That correlation was not as strong among Democrats or Independents.

Belief in Trump's anointment similarly climbed if respondents heard messaging that Democrats threatened rights and liberties. When hearing such arguments, even Democrat Christians were more likely to agree in Trump's anointment.

"We are not the first to note that right-wing media are having a profound effect on public opinion, serving to insulate Trump supporters," Burge and Djupe write. "We are some of the first to document how this is built and sustained from the bottom up. That is, political churches, among Republicans especially, reinforce the argumentation that is also coming from above."

They conclude, "But it is important to see that this is not just an evangelical Republican problem. The religious significance of the presidency is swelling across the board for the religious, indicating further polarization along religious and partisan lines is continuing."

The King David defense

As for Trump's moral conduct, evangelicals don't maintain the cognitive dissonance that Reza Aslan and other non-Trumpists perceive would be necessary. The same 2020 Pew Research Center survey found that white evangelicals were mixed on Trump's personal conduct and moral qualities—with only 15 percent agreeing that the phrase "morally upstanding" described Trump well.

Where there is more agreement, however, is the belief that Trump's administration is on the evangelical side of the culture war. Fifty-nine percent of white evangelical Christians believe that the Trump administration has helped their interests, and 63 percent say their side has been winning politically, which according to Pew is "triple the share who said this in May 2016, six months before Trump's election."

Rick Perry summed up this worldview last year when he told Fox News: "Barack Obama didn't get to be the president of the United States without being ordained by God. Neither did Donald Trump." He added that God has used "individuals who aren't perfect all through history" such as King David and King Solomon.

In the evangelical mindset, support for Trump isn't a moral inconsistency. They perceive the President's moral character to be lacking in fiber, but still believe he was chosen to fight the good fight with the blessing of God's will.

Whether that fight matches the will of the people, we'll have to wait until November to find out.

How religion changed the presidency—and vice versa

Toward a disease-sniffing device that rivals a dog’s nose

Trained dogs can detect cancer and other diseases by smell. Could a device do the same?

JOEL SAGET/AFP via Getty Images
Technology & Innovation

Numerous studies have shown that trained dogs can detect many kinds of disease — including lung, breast, ovarian, bladder, and prostate cancers, and possibly Covid-19 — simply through smell. In some cases, involving prostate cancer for example, the dogs had a 99 percent success rate in detecting the disease by sniffing patients' urine samples.

Keep reading Show less

New research shows that bullies are often friends

Remedies must honor the complex social dynamics of adolescence.

Photo: rawpixel / Adobe Stock
Surprising Science
  • Bullies are likely to be friends according to new research published in the American Journal of Sociology.
  • The researchers write that complex social dynamics among adolescents allow the conditions for intragroup dominance.
  • The team uses the concept of "frenemies" to describe the relationship between many bullies and victims.
Keep reading Show less
Quantcast