Did wealthy Wall Street elites try to overthrow President Franklin D. Roosevelt in 1934?

In this episode of Rainy Day Rabbit Holes, we dive into one of the strangest and least-taught chapters in American history: The Business Plot, an alleged fascist coup attempt against FDR during the Great Depression.

In 1934, decorated Marine Corps Major General Smedley Darlington Butler—a two-time Medal of Honor recipient and one of the most respected military figures in the country—testified before Congress that powerful businessmen approached him with a shocking proposal. They wanted him to lead 500,000 veterans in a march on Washington, intimidate President Franklin D. Roosevelt, and install a new authoritarian-style government.

Yes. In the United States. During the 1930s.

The alleged conspirators were connected to major financial and industrial interests, including Wall Street power players and members of the American Liberty League. Butler claimed the plan involved replacing democratic authority with a “Secretary of General Affairs”—a role that functioned suspiciously like a dictator. The proposed justification? That FDR was too weak and too radical to govern.

The House McCormack–Dickstein Committee investigated. They confirmed that discussions of such a plot had taken place. And yet—no one was prosecuted. Major newspapers dismissed the story as a hoax. The headlines faded. The plot slipped into obscurity.

Why isn’t this taught in most history classes?

Who benefited from burying it?

And what does this moment reveal about the tension between corporate power and democracy in America?

We explore:

• The economic chaos of the Great Depression
• The rise of fascist movements globally in the 1930s
• Butler’s explosive testimony
• The media response
• And why this story still echoes today

History is messy. Sometimes it’s buried on purpose.

For photos, sources, and more unhinged deep dives into politics, culture, and the strange corners of American history, visit https://www.rainydayrabbitholes.com

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Join us, stay curious, and let’s keep digging.

Bonus Sample from our Patreon Bonus Episode!

Today, Shea brings you the history of the Nakasendo trail, a 400 year old road that stretches from Kyoto to Tokyo. Sections of this trail, and the towns that were built up along it to provide services to the feudal lords and samurai who used it, are perfectly preserved. Hiking through Tsumago-juku and Magome-juku is like time travel. In this episode, walk along with Shea as she and her brother hike over 13 miles through bamboo forests along the iconic Nakasendo trail.

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Arizona is known for deserts, dust, and dramatic sunsets—not naval warfare. And yet, in 1934, the state of Arizona very briefly assembled an honest-to-God navy and aimed it straight at California. In this episode of Rainy Day Rabbit Holes, we dive into one of the strangest interstate standoffs in U.S. history, where water rights, political grudges, and pure stubbornness collided on the Colorado River.

At the center of the chaos is Parker Dam, a massive federal project straddling the Arizona–California border, and a decades-long fight over who gets to control the river that keeps the Southwest alive. When Arizona decided California had gone too far, the governor responded with troops, martial law, and commandeered ferry boats. Yes—ferry boats. Thus, the Arizona Navy was born.

Newspapers mocked it. California scoffed. Arizona doubled down. For 48 unforgettable hours, a landlocked state patrolled the river with armed guards and a newly appointed admiral, proving once and for all that when it comes to water, Arizona does not play nice. The outcome was short-lived, deeply ironic, and somehow still echoing into modern water politics.

This episode is a perfect snapshot of unhinged history: equal parts political drama, regional rivalry, and “wait…that really happened?” If you like stories where reality outdoes satire, you’re in the right rabbit hole.

For more episodes, photos, and sources, visit www.rainydayrabbitholes.com.

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