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Conversation 022-060

TapeTape 22StartThursday, March 30, 1972 at 7:33 PMEndThursday, March 30, 1972 at 7:45 PMTape start time02:19:01Tape end time02:30:34ParticipantsNixon, Richard M. (President);  Colson, Charles W.Recording deviceWhite House Telephone
AI Summary

President Nixon and Charles Colson discussed the state of the economy, specifically analyzing positive trends in the stock market and retail sales despite negative press coverage. Nixon expressed frustration with media reporting, particularly Walter Cronkite’s interpretation of economic indicators, and directed Colson to arrange a meeting between the President and Cronkite to address the narrative. The two also touched upon 1972 campaign strategy in Illinois and Wisconsin and decided to transition toward a more aggressive, offensive political posture.

EconomyStock MarketRetail Sales1972 Presidential CampaignMedia RelationsWalter Cronkite
AudioNARA Description

On March 30, 1972, President Richard M. Nixon and Charles W. Colson talked on the telephone from 7:33 pm to 7:45 pm. The White House Telephone taping system captured this recording, which is known as Conversation 022-060 of the White House Tapes.

Nixon Library Finding Aid
Conversation No. 22-60

Date: March 30, 1972
Time: 7:33 pm - 7:45 pm
Location: White House Telephone

The President talked with Charles W. Colson.

     Colson’s schedule

     Stock market
          -Decline
          -Rise
          -Colson’s previous talk with Donald T. Regan
                -Colson memorandum
                     -The President’s reading file
                -Regan’s views

     Economy
         -Walter L. Cronkite, Jr.’s report
              -Economic indicators
              -Daniel L. Schorr
         -Economic indicators
              -Rise
         -Herbert Stein
              -Talk with Cronkite
              -Talk with John W. Chancellor
              -The President’s meeting with Cronkite
         -Retail sales
              -Colson memorandum

     International Telephone and Telegraph [ITT] case
           -Administration strategy
           -Washington Star column

Economy
    -Retail sales
         -Recent figures
                -Increases
                       -Durable and non-durable goods
    -Colson contacts in New York City
         -Ichiro Nakayama
                -Position
                -Article on government statistics
                       -Mild winter
                            -Effect on clothing and utilities market
                       -Spring increases
    -Retail sales
         -Increases
         -Colson’s talk with Stein
                -Government statistics
                      -Stein’s views
    -Unemployment
         -Decline
    -Stock market
         -Rise
         -Interpretation
                -Regan’s views
                      -Month-to-month figures compared to day-to-day figures
                      -New York Times
                      -Dow Jones
                            -International Business Machines [IBM] listing
                -Health of market
    -David E. Bradshaw
         -Talk with Colson
                -ITT
                -Illinois
                      -Economy
                -Travels
                      -California and Florida
                       -Mobile homes
                -Public response
                       -Housewives
                            -Albert E. Sindlinger
    -John B. Connally’s remarks
         -Colson follow-up
    -White House strategy

               -Letter from the President
               -Colson’s call to Hobart D. (“Hobe”) Lewis

******************************************************************************

[Previous PRMPA Personal Returnable (G) withdrawal reviewed under deed of gift 03/01/2018.
Segment cleared for release.]
[Personal Returnable]
[022-060-w001]
[Duration: 3m 42s]

     1972 campaign
          -Illinois
                -Mayor Richard J. Daley
                     -David Bradshaw report
                           -Purported deal between Daley and Richard B. Ogilvie
                                -Public stand
                                -Daniel Walker
                                       -The President’s opinion
                                -The President's standing in Illinois
                                       -Suburbs
          -Wisconsin
                -Colson’s view on candidates
                     -[First name unknown] Billings victory
                     -Hubert H. Humphrey
                           -Edmund S. Muskie attacks
                                -Frequency
                                -Anti-ballistic missile (ABM)
                                -Space shuttle
                                -Supersonic Transport (SST)
                           -Voters' views
                     -George S. McGovern
                     -George C. Wallace
                     -Muskie
                     -McGovern
                           -Democrats
                -White House strategy
                     -Polls
                -Muskie
                     -Funds
                     -Staff

                      -Colson’s opinion

******************************************************************************

     Colson’s schedule
          -Patricia Colson
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.

Chuck, I thought before you went off for your weekend, sort of a curious thing.
I've noticed that the market in the last three days went down two points one day, three points the next, three points the next.
They said, oh, you know, great concern, isn't it?
It was up seven points today, and they said, selective buy.
Isn't that the God damn thing?
Yes, it is.
On the other hand, it's doing very well.
It's holding right where it ought to be.
We don't want to, you know, to move too fast, too soon.
No, not, no, that wasn't in my reading file today.
Oh, a week ago, yeah, I saw that.
No, where he said that he was very... By June?
And he says, by all the other indicators, it's here at an all-time high.
Of course, you know, the economic news is good, but...
I noticed, for example, that Walter Cronkite said that the leading indicators, it was the lowest increase in four months.
For Christ's sake!
That sounds like that son of a bitch.
What's that guy?
Sure.
He wrote it.
He's the economic reporter.
And, uh...
That's unbelievable.
It was up.
That's the main thing.
Eight months.
Eight months in a row.
It can't go up.
I know.
Yeah.
Would you do that right away?
I think you should have Herb in.
I mean, have...
he should have Cronkite alone and then bring him into the office and I'll say hello to him.
Tell him that I'll be glad to have a little chat with him.
One day when I'm in town.
Good.
You've been busy with other things.
We're going to forget about that.
Well, my point is this.
main point of our conversation today was to get you first little rest second let's start concentrating by God on the offensive and get off of this damn thing we've been on the defensive too damn long right go ahead well but you did great
helped a little bit.
Good God, you confused it.
That's the main thing.
yeah what is that
Yeah.
What's his name?
Oh, yeah, yeah, I know.
Yeah.
Yeah.
Why does a mild winter make it worse?
I like them.
Sure.
But you watch the spring.
Once spring comes, it's going to bust, right?
I think if you look at four weeks, it's going to be a 10% increase over the year.
It's going to lessen.
That is not a sluggish retail sales picture.
I've talked to her about this.
She said, well, we have serious questions about the government and the way of measuring retail sales.
Right.
So it could be a hell of a lot better picture.
That's the only place where it's mixed up.
Everything else is just insured employment, unemployment funds coming down.
I just think it's going right on target.
The market will look like that.
They would...
Every day it bounced back today as it does always at the end of the week.
That's right.
But if you look at it, Reagan said look at it on a month-to-month basis.
Don't try to look at it on a daily basis.
Yeah, what did he say then?
If you look at it on a month-to-month basis, it's a nice steady movement up.
You know, we're back at the 49-50 rate.
And he tried to go off the month-to-month basis, but then he said go by the New York Times.
If you can't afford it, then you can't go by the New York Times.
Yeah, the Dow Jones, a lot of people aren't buying blue chips.
They're buying other things.
That's correct.
And also Dow Jones, for example, he doesn't have IDF.
He's one of the big movers in the market.
He makes some very good points, but his general consensus is that we're on a very healthy course.
The liquidity is good, finally.
You can find money on that.
The nature of the investor is different.
And we can expect the next few months.
Bradshaw, when I talked to him about it,
About IT&T, yeah.
Except for the housewives, according to Senator.
Well, that's right.
But I think that that's why Conley's thing was very, very good.
Just send the letters out to me.
Also, you might call Hope Lewis and say that it's time for his crowd to get going.
Oh, yeah.
No one would say that things are moving along.
Talk bullish.
Yeah, he said a hell of a good thing.
That's right.
Well, now you talk to your wife and get off and have your vacation, okay?
I appreciate it.
And don't think about a thing over the weekend, okay?
Thank you.
Bye.
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