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Conversation 003-016

TapeTape 3StartWednesday, May 12, 1971 at 3:56 PMEndWednesday, May 12, 1971 at 4:01 PMTape start time00:18:49Tape end time00:23:19ParticipantsNixon, Richard M. (President);  Safire, William L.;  Kissinger, Henry A.Recording deviceWhite House Telephone
AudioNARA Description

On May 12, 1971, President Richard M. Nixon, William L. Safire, and Henry A. Kissinger talked on the telephone from 3:56 pm to 4:01 pm. The White House Telephone taping system captured this recording, which is known as Conversation 003-016 of the White House Tapes.

Nixon Library Finding Aid
Conversation No. 3-16

Date: May 12, 1971
Time: 3:56 pm - 4:01 pm
Location: White House Telephone

The President talked with William L. Safire.

     Gross National Product [GNP] figures
          -George P. Shultz
          -Revised increases
          -Shultz
               -Possible talk with Safire
          -Release date

The President conferred with Henry A. Kissinger at 3:57 pm.

     President's schedule
                                               9

                           NIXON PRESIDENTIAL MATERIALS STAFF

                                        Tape Subject Log
                                           (rev. 9/08)



[End of conferral]

     GNP figures
         -Release
               -Shultz
               -Administration handling
               -Possible leak
                     -News magazines                                  Conv. No. 3-16 (cont.)
                           -US News and World Report publication deadline
                           -H.R. (“Bob”) Haldeman
               -Shultz and Safire meeting
               -Administration handling
         -Importance
               -Compared with 1065 Dow Jones level
         -Third revision
         -Possible leak
               -US News, Time, Newsweek
               -John A. Scali
               -Louis Rukeyser of ABC
               -Timing
               -Shultz and Safire meeting
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 Do not cite this transcript as authoritative.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.

Hello Mr. President.
Bill, did you talk to George Shultz about that new GNP figure yet?
No, I didn't.
Do you know about it?
No, I don't.
Well, the Department of Commerce, you know, the first figure we had of that 28.5,
was preliminary.
Well, they've just done the revised figure, and it's 30.8 for the first quarter, a 2.3 bump.
And George thinks that when they have the third revised, which, of course, will come when they get all the figures in, it'll be even higher.
Point is, you see, the first figure did not reflect enough of March.
They took January and February and, you know, spread it out, and March was a much stronger month, see?
So your 30.8 is, well, it isn't up to the 33 that...
It's really within the ballpark, you see.
Now, I've talked to him, and I want you to drop over to his place, because I told him to talk to you, and he's probably been in meetings all day.
Here's what I have in mind.
First of all, it is not to be released until Friday.
And I learned the figure yesterday, and I said to him, now look here, they ought to release it.
They can't sit in the figure this long.
Second point,
I agree on this point.
I don't think we ought to try to get around and trumpet it, you know, and this and that and the other thing, because I think it speaks for itself quite loudly.
On the other hand, it is one of those things where...
Any individual who can be absolutely trusted and that we know on the economic side should sort of pick it up.
It will not go unnoticed.
Now, the other thing is that it's particularly important that it get in the news magazines, see.
Now, coming out Friday and so forth, and I think a little leakage to the two news magazines on Thursday,
you know, might start humping and thinking and so forth.
Oh, and U.S. News.
Oh, Bob Holliman's sitting here, and he says U.S. News closes, of course, Thursday or Friday.
So what I'd like for you to do is to jump up over there and have a talk with George.
Right.
And do some thinking about...
how it ought to be, how we can get it out best and get the biggest, you know, I mean, it should not be, I think the way to do it when you've got, I mean, when the news is really good is not to brag too much about it.
Well, in other words, to handle it with some subtlety to make sure.
Some subtleties that will hypo it, you see, because this is a, this isn't sensational, but it's very good.
I mean, when you go, you're finally, remember, that was a number we were hoping we'd get in the first instance was 30.
And 30.8 is up there in a pretty good number.
It makes that 1065 look a lot better.
It looks possible, that's right.
And he thinks it'll be up over 32 in the end.
But there it is.
And it might be.
Now, the only problem that I see, I was even thinking of one like this, the Inspired League thing.
The difficulty with that is that we've got other kinds of figures of this sort that we
do not want to use its pirate leaks on, you know what I mean?
So I don't know that's it, but I do think that the little conversation with regard to getting it around, when you get the solid figure, the people that, you know the types of people I'm talking about.
There's U.S. News, there's Time, there's Newsweek.
You might talk to Scully, see what, well, for example, there's one I know you can get a good ride on.
You know, they've got that fellow Rukeyser.
Right, ABC.
ABC, who's our friend.
Right.
He'll ride it like hell, but if he just gets it today, you know, if you tell him Thursday in advance, you'll get ready and put out a little story on it.
Do it on the air on Thursday night?
Yeah.
Well, I don't think we can leak it out in advance.
No, but I mean, he'll do it on the air Friday night.
Well, see, I mean, what it means, this is something that requires a lot of thinking.
The guy just goes on and says, well, the GNP is 30.8.
What I meant is it's giving these guys a day's advance to think about it to get it out, I think, as an advantage.
But I'm not sure about all that.
You use your judgment, but you talk to George and then work up whatever plan you think is right.
Will you do that?
I'll do that.
Okay.
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