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Conversation 002-006

TapeTape 2StartMonday, April 19, 1971 at 7:24 PMEndMonday, April 19, 1971 at 7:26 PMTape start time00:07:05Tape end time00:09:08ParticipantsNixon, Richard M. (President);  Haldeman, H. R. ("Bob")Recording deviceWhite House Telephone
AI Summary

President Nixon and H.R. Haldeman discuss preparations for an upcoming meeting with legislative leaders, specifically regarding the administration's economic messaging. Nixon instructs Haldeman to have George P. Shultz, rather than Paul McCracken, deliver a brief and intentionally optimistic presentation on the economy to instill confidence. The President notes recent positive trends in the stock market as evidence that the public is beginning to favor optimistic long-range economic projections.

Economic policyStock marketLegislative relationsGeorge P. ShultzPublic confidence
AudioNARA Description

On April 19, 1971, President Richard M. Nixon and H. R. ("Bob") Haldeman talked on the telephone from 7:24 pm to 7:26 pm. The White House Telephone taping system captured this recording, which is known as Conversation 002-006 of the White House Tapes.

Nixon Library Finding Aid
Conversation No. 2-6

Date: April 19, 1971
Time: 7:24 pm - 7:26 pm
Location: White House Telephone

The President talked with H. R. (“Bob”) Haldeman.

     President's schedule
          -Meeting with legislative leaders
                 -Economy
                      -George P. Shultz
                      -Paul W. McCracken
                      -Stock market
                      -Confidence
                                              4

                          NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                         (rev. 9/08)
Transcript (AI-Generated)

This transcript was generated automatically by AI and has not been reviewed for accuracy. Do not cite this transcript as authoritative. Consult the Finding Aid above for verified information.

Yeah, yes, sir.
I think it would be a good thing tomorrow.
I don't know what's on the schedule for the legislative leaders' meeting, but why don't we have George Schultz take 10 minutes, tell him at the beginning, just for a very upbeat, optimistic view on the economy.
Okay?
I'm not McCracken.
I don't want McCracken.
And don't worry about hurt feelings.
And...
But I think George is the guy, don't you, to do it?
Oh, sure.
Yeah.
And he knows.
He can just give the really upbeat things because let these guys get a little feel of the thing.
You know, they may not follow these things as closely and they don't know.
Incidentally, you were right about the market.
It went to $9.48 today.
Yeah.
It's unbelievable.
And on $17, $18 million shares.
Yeah.
But truly unbelievable the way that thing is...
has moved along.
And it's, of course, the reason it's moving, Bob, is that these guys, they look at what the pessimists say and they look at what the optimists say, and they're coming down on the side of the optimists.
They're more optimistic about the long-range view.
Don't you think that's it?
Sure.
And I think that if anybody had told you two months ago, even a month ago, you know,
Remember when everybody was down to the mouth about the economy and we're going to have to have a tax reduction or some damn thing, you know.
And maybe we still have to, but it doesn't look like it.
See what I'm saying?
Particularly if it starts to move.
But George can hit a few figures.
Okay, good.
And I think it's a good idea.
All right.
Because he likes to do it and he can just be there and tell them to really give it a go.
Upbeat just the sales point.
He doesn't need to balance anything out with these characters.
Just give them things that are optimistic and things are going great.
Okay.
All right.
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