OVERRATED:
Yes, that is what happened.
I wasn’t in the religion yet but came in several years after ‘75. Not a word of this fiasco was mentioned to me (among other things) or I doubt I would have joined the Witness religion. They kept this embarrassment hush-hush.
People supposedly did stupid things like get into debt because they thought they would never have to pay it off. I also heard crazy stories about people selling homes and belongings and living off it so they could be in the full-time ministry until the supposed ‘end’ in ‘75…
The end didn’t come so they had to start over again. Well, guess what? History has repeated itself and JWs did this again in the last decade or so with people having their money run out. These people are over 60. The congregations are filled with too many needy people looking for handouts and anybody who is perceived to be ‘responsible’ is being hit up for money left and right. Glad I got out years ago.