To supply some background to OTWO's posts.
Ray Franz said, in COC (4th ed.), p. 253,
This drop [in the worldwide figures], more than any other factor, seemed to carry weight with the Governing Body members. There was a vote of 15 to 3 in favor of a statement making at least some acknowledgement of the organization's share in the responsibility for the error. This was published in the March 15, 1980, Watchtower.
It had taken nearly four years for the organization through its administration finally to admit it had been wrong, had, for an entire decade, built up false hopes. Not that a statement so candid, though true, could be made. Whatever was written had to be acceptable to the Body as a whole for publishing. I know, because I was assigned to write the statement and, as in similar cases before, I had to be governed by - not what I would have liked to say or even what I thought the brothers needed to hear - but by what could be said that would have some hope of approval by two-thirds of the Governing Body when submitted to them.
Left in the Cold:
I was always told whenever the topic came up, which was rare, that some Witnesses started thinking 1975 was the end of the world. Many lost their faith when it did not come to fruition. I also was told that the WT did not support this idea ever. That it was just some idea the some Witnesses created. I'm finding that not to be the case really. It's kind of shocking. I wonder how many people (like I did) just think it was a rouge group of zealots coming up with their own idea of the end.
This is the myth that persists today. There were those in our local congo who would periodically trot it out. A few times hubby and I printed out the official WT statements and handed them to those individuals perpetuating the myth so they'd know better and stop. It didn't always work.
Another myth that you might have heard is that only some of the Bible Students claimed Russell was the 'faithful and wise servant.' The fact is, the WTS officially taught and emphasized the idea that Russell was indeed the 'faithful and wise servant' and that repudiating him and his office was to repudiate the Lord. It was only in 1927, when the WTS argued the 'slave' was a class rather than an individual, that the blame for claiming otherwise was put on 'some.' (See WT 1922, March 1, p. 73-4; May 1, p. 131f.; WT 1927, February 15, p. 51f., noting p. 56, par. 54.)