Nixon White House Tapes — Conversation 010-136
Date: Thursday, October 7, 1971 at 3:25 PM
Participants: Nixon, Richard M. (President); White House operator; Safire, William L.; Nixon, Richard M. (President); White House operator; Safire, William L.
Recording device: White House Telephone
Source: https://www.easynixon.org/tapes/010-136

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 Do not cite it as authoritative.

[0:02] Mr. President, Mr. Sapphire.
[0:05] All right.
[0:06] Yeah.
[0:06] Mr. President, I have a couple of minor changes that might be helpful.
[0:09] All right.
[0:09] On page two, where you say three and a half years, that's now seven years.
[0:15] Just a second.
[0:16] Page two.
[0:19] Are you reading, Captain?
[0:20] Yeah.
[0:21] Wholesale prices in September posted the what?
[0:23] The biggest price of industrial commodities has declined for the first time.
[0:29] Well, you say in three and a half years.
[0:30] Yeah.
[0:31] It's in seven years.
[0:32] All right.
[0:33] We'll get that because seasonally adjusted, it's seven years.
[0:37] Yeah.
[0:37] But you don't have to say seasonally adjusted.
[0:40] Oh, I don't need to say that.
[0:42] Page nine.
[0:45] Just a second.
[0:52] Yeah.
[0:53] On page nine, at the very end...
[0:57] business should pass along a fair share of its cost savings to the consumer.
[1:01] I think it makes the point a lot firmer if you add in the form of lower prices.
[1:10] By cutting prices, is that better?
[1:13] By cutting prices, I seem direct to you.
[1:15] Yeah, where are we?
[1:16] Page?
[1:17] Page nine, the very end of the page.
[1:22] Well, I must be looking at it.
[1:23] Do you have, what, my copy or another?
[1:25] I have, I think it's your copy.
[1:28] Well, no, no, I have a different situation because I changed a few things.
[1:31] I mean, I've broken up the pages.
[1:33] All right, I'll find it in a minute.
[1:35] This is on the profit thing.
[1:41] Right if you say win-for-profits or another matter.
[1:47] Yeah.
[1:53] That business should pass along a fair share of its cost savings to the consumer.
[1:56] By cutting prices?
[1:57] By cutting prices.
[2:00] I think by cutting prices is better than, say, in the form of lower prices, don't you think so?
[2:03] By cutting is tougher, right.
[2:05] But somehow, when I read it again...
[2:07] Hold, hold.
[2:18] Yeah.
[2:18] I think folks understand cutting prices.
[2:20] By cutting prices.
[2:24] Okay, that's all I have.
[2:25] Is there anything you want me to do?
[2:26] No, I think I've got everything I need.
[2:32] I'm just going over the final pages now to get some up in my head.
[2:41] Okay, I'll be here.
[2:42] I think it reads fine.
[2:43] 15 minutes, it's all it's going to take, 15 minutes, which is good.
[2:48] It's about 1780 words, isn't it?
[2:50] Maybe 19.
[2:51] Yes, I had 1750 last year.
[2:53] Well, it's fine.
[2:54] It's not too long.
[2:55] It's too long.
[2:55] Although some take a little longer to read because you know those letters and things.
[2:58] I don't want to rush them.
[3:00] You've got to let people sort of sink in on those.
[3:03] 15 minutes is a pretty short speech for a major speech.
[3:08] Anything over two minutes is too long.
[3:11] People get so bored.
[3:13] But if you go past two minutes, then I think people are ready for a meat and potatoes meal, you know, on your speech.
[3:22] Yeah.
[3:23] Well, actually, I think we've got a good thing here.
[3:25] We just don't know how people are going to take the business community.
[3:28] They've been squealing for all this thing.
[3:30] When they see a little of it hurting them on the profit thing, they're likely to go right up the goddamn wall.
[3:35] and the interest and so forth.
[3:36] But that's fine.
[3:37] I mean, if this is going to work, you've got to let it apply to everybody.
[3:41] And everybody's going to, if everybody screams equally, then it'll play well.
[3:45] That's right.
[3:46] Except the business guys take it out to you by their market and so forth.
[3:49] But I don't care.
[3:50] I think we're doing the right thing.
[3:52] I don't think this is going to hurt the market.
[3:54] Well, if it does, I don't care because it's only temporary.
[3:56] What's going to count in the market is what happens.
[3:58] And if the inflation is down and
[4:01] Jobs go up gradually, and the market's going to go up.
[4:04] That's what's going to happen.
[4:06] The market is basically, as George Shultz says, neurotic.
[4:11] Okay, I'm here if you need me.
[4:13] Thank you.
[4:13] Right there.