Nixon White House Tapes — Conversation 022-060
Date: Thursday, March 30, 1972 at 7:33 PM
Participants: Nixon, Richard M. (President); Colson, Charles W.
Recording device: White House Telephone
Source: https://www.easynixon.org/tapes/022-060

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 Do not cite it as authoritative.

[0:02] Chuck, I thought before you went off for your weekend, sort of a curious thing.
[0:08] 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.
[0:15] They said, oh, you know, great concern, isn't it?
[0:18] It was up seven points today, and they said, selective buy.
[0:22] Isn't that the God damn thing?
[0:24] Yes, it is.
[0:24] On the other hand, it's doing very well.
[0:28] It's holding right where it ought to be.
[0:30] We don't want to, you know, to move too fast, too soon.
[0:38] No, not, no, that wasn't in my reading file today.
[0:46] Oh, a week ago, yeah, I saw that.
[0:49] No, where he said that he was very... By June?
[1:00] And he says, by all the other indicators, it's here at an all-time high.
[1:07] Of course, you know, the economic news is good, but...
[1:08] I noticed, for example, that Walter Cronkite said that the leading indicators, it was the lowest increase in four months.
[1:16] For Christ's sake!
[1:18] That sounds like that son of a bitch.
[1:20] What's that guy?
[1:22] Sure.
[1:22] He wrote it.
[1:23] He's the economic reporter.
[1:27] And, uh...
[1:27] That's unbelievable.
[1:28] It was up.
[1:29] That's the main thing.
[1:33] Eight months.
[1:34] Eight months in a row.
[1:38] It can't go up.
[1:39] I know.
[1:41] Yeah.
[1:51] Would you do that right away?
[1:53] I think you should have Herb in.
[1:55] I mean, have...
[1:56] he should have Cronkite alone and then bring him into the office and I'll say hello to him.
[2:04] Tell him that I'll be glad to have a little chat with him.
[2:10] One day when I'm in town.
[2:13] Good.
[2:18] You've been busy with other things.
[2:21] We're going to forget about that.
[2:25] Well, my point is this.
[2:27] 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
[2:51] helped a little bit.
[2:52] Good God, you confused it.
[2:54] That's the main thing.
[3:07] yeah what is that
[3:27] Yeah.
[3:48] What's his name?
[3:49] Oh, yeah, yeah, I know.
[3:49] Yeah.
[3:53] Yeah.
[3:54] Why does a mild winter make it worse?
[4:24] I like them.
[4:29] Sure.
[4:32] But you watch the spring.
[4:34] Once spring comes, it's going to bust, right?
[4:45] I think if you look at four weeks, it's going to be a 10% increase over the year.
[4:49] It's going to lessen.
[4:50] That is not a sluggish retail sales picture.
[5:12] I've talked to her about this.
[5:12] She said, well, we have serious questions about the government and the way of measuring retail sales.
[5:15] Right.
[5:15] So it could be a hell of a lot better picture.
[5:16] That's the only place where it's mixed up.
[5:16] Everything else is just insured employment, unemployment funds coming down.
[5:18] I just think it's going right on target.
[5:19] The market will look like that.
[5:19] They would...
[5:21] Every day it bounced back today as it does always at the end of the week.
[5:33] That's right.
[5:42] But if you look at it, Reagan said look at it on a month-to-month basis.
[5:43] Don't try to look at it on a daily basis.
[5:44] Yeah, what did he say then?
[5:45] If you look at it on a month-to-month basis, it's a nice steady movement up.
[5:46] You know, we're back at the 49-50 rate.
[5:47] And he tried to go off the month-to-month basis, but then he said go by the New York Times.
[5:49] If you can't afford it, then you can't go by the New York Times.
[5:51] Yeah, the Dow Jones, a lot of people aren't buying blue chips.
[5:54] They're buying other things.
[6:09] That's correct.
[6:09] And also Dow Jones, for example, he doesn't have IDF.
[6:14] He's one of the big movers in the market.
[6:14] He makes some very good points, but his general consensus is that we're on a very healthy course.
[6:16] The liquidity is good, finally.
[6:17] You can find money on that.
[6:18] The nature of the investor is different.
[6:18] And we can expect the next few months.
[6:19] Bradshaw, when I talked to him about it,
[6:22] About IT&T, yeah.
[6:37] Except for the housewives, according to Senator.
[6:49] Well, that's right.
[6:52] But I think that that's why Conley's thing was very, very good.
[7:22] Just send the letters out to me.
[7:31] Also, you might call Hope Lewis and say that it's time for his crowd to get going.
[7:35] Oh, yeah.
[7:35] No one would say that things are moving along.
[7:36] Talk bullish.
[7:36] Yeah, he said a hell of a good thing.
[7:37] That's right.
[11:22] Well, now you talk to your wife and get off and have your vacation, okay?
[11:27] I appreciate it.
[11:29] And don't think about a thing over the weekend, okay?
[11:31] Thank you.
[11:32] Bye.