Nixon White House Tapes — Conversation 010-099
Date: Wednesday, October 6, 1971 at 5:19 PM
Participants: Nixon, Richard M. (President); Colson, Charles W.
Recording device: White House Telephone
Source: https://www.easynixon.org/tapes/010-099

This transcript was generated automatically by AI (WhisperX) and has not been reviewed for accuracy. Do not cite it as authoritative.

[0:00] Yeah.
[0:01] I was just calling back, Mr. President, to say that that figure is accurate.
[0:04] Oh, it did go up.
[0:05] It did, and Al Gordon in New York said it did.
[0:08] all went up on a huge buying spree in the last hour.
[0:12] A hell of a lot of buying pressure.
[0:13] Fifteen million shares.
[0:15] How does he think?
[0:16] Two things.
[0:16] The passage of the tax bill.
[0:19] The tax bill, of course, of course.
[0:20] But he thinks that's secondary, definitely, to the fact that you're speaking tomorrow night.
[0:24] Yeah.
[0:25] The wire service stories on your speech are running very positive.
[0:30] Yeah.
[0:30] That we are going to have controls.
[0:32] Well, it says, although details of the phase two plans are not yet confirmed,
[0:36] It's clear that they'll provide for continued stabilization.
[0:40] It's a long, very bullish release.
[0:44] It hit about $2.30.
[0:45] What is the situation on the wholesale prices?
[0:48] That's coming out tomorrow.
[0:49] Yes, sir.
[0:50] Now, we've got something in here that says they went down.
[0:54] They didn't go down, did they?
[0:56] Yes, sir.
[0:57] The wholesale prices actually declined?
[0:59] An actual decline in wholesale prices.
[1:02] Sapphire's standing here and smiling like a shasher cat because I told him that, Haldeman had told me, they went up, he said, three-tenths of one percent actual and four-tenths adjusted.
[1:12] No, that's down.
[1:14] Well, he had it wrong.
[1:15] I said, well, that isn't very much.
[1:16] I said, hell, it was four-tenths last time.
[1:18] Oh, hell no.
[1:19] It went down, actually.
[1:20] Interestingly enough, it is the first decline in wholesale prices of any kind since November of 1970.
[1:26] They've only gone down twice in the last two years.
[1:29] Sapphire's got that in his speech.
[1:30] And it's the biggest single drop since October of 1966.
[1:33] So something happens.
[1:35] We must have done something right.
[1:36] Oh, there's no question.
[1:37] The industrial prices went down 1%.
[1:38] A lot of it was food, of course.
[1:40] Yes, sir.
[1:41] But the important thing about the industrials is that on a seasonally adjusted basis, this is the first time in three years that they've decreased.
[1:48] Right, right.
[1:50] So it's a hell of a good shot in the air.
[1:52] Great.
[1:53] Fine.
[1:53] Well, I'm glad to hear about the market.
[1:54] Yes, sir.
[1:55] And we'll...
[1:57] We'll get Sapphire back to work.
[1:59] Fine.
[1:59] Fine.
[1:59] Thank you, sir.