There is a general belief, reinforced by statements in standard textbooks, that: (i) one can obtain the full nonlinear Einstein theory of gravity by coupling a massless, spin 2 field hab self-consistently to the total energy-momentum tensor, including its own; (ii) this procedure is unique and leads to Einstein-Hilbert (EH) action; and (iii) it uses only standard concepts in Lorentz-invariant field theory and does not involve any geometrical assumptions. After providing several reasons why such beliefs are suspect - and critically re-examining several previous attempts - we provide a detailed analysis aimed at clarifying the situation. First, we prove that it is impossible to obtain the EH action, starting from the standard action for gravi...