Economist and columnist Paul Krugman recently wrote about a current nominee for the Federal Reserve’s Board of Governors who called cities like Cincinnati and Cleveland “armpits of America” to laughs from an audience of business leaders.
In what became known as the “Business Plot” (or the “Wall Street Putsch”)—a group of bankers and business leaders allegedly created a conspiracy to overthrow the president and install a dictator friendly to their interests. The conspirators included investment banker and future Connecticut Senator Prescott Bush (father of George H.W. Bush), bond salesman Gerald MacGuire, and Bill Doyle commander of the Massachusetts American Legion.
The plot was famously exposed by Major General Smedley D. Butler, who testified under oath about his knowledge of a plan to form an organization of 500,000 veterans who could take over the functions of government, as you can see Butler himself say in the 1935 newsreel footage above. The members of the Business Plot believed Butler would lead this irregular force in a coup. He had previously been “an influential figure in the so-called Bonus Army,” writes Matt Davis at Big Think, “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.”