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Conversation 042-040

TapeTape 42StartWednesday, April 14, 1971 at 5:26 PMEndWednesday, April 14, 1971 at 5:29 PMTape start time00:43:25Tape end time00:46:07ParticipantsNixon, Richard M. (President);  Buchanan, Patrick J.Recording deviceWhite House Telephone
AI Summary

President Nixon directed Patrick Buchanan to compile specific, compelling data points to bolster the administration's messaging on key domestic issues. The President requested dramatic statistics regarding the growth of minority-owned enterprises and the competitive standing of the American steel industry. Furthermore, he tasked Buchanan with consulting George Shultz and Paul McCracken to identify strong economic indicators, such as retail and automobile sales, housing starts, and record-breaking stock market performance, to project a narrative of upward economic momentum.

Minority EnterpriseSteel IndustryEconomic IndicatorsStock MarketAdministration Messaging
AudioNARA Description

On April 14, 1971, President Richard M. Nixon and Patrick J. Buchanan talked on the telephone from 5:26 pm to 5:29 pm. The White House Telephone taping system captured this recording, which is known as Conversation 042-040 of the White House Tapes.

Nixon Library Finding Aid
Conversation No. 42-40

Date: April 14, 1971
Time: 5:26 pm - 5:29 pm
Location: White House Telephone

The President talked with Patrick J. Buchanan.

[See Conversation No. 248-18]

     Minority enterprises
           -Figures
     Steel
           -Figures
           -Competitive position

     Economy
         -Figures
               -Retail sales
               -Automobile sales
               -Housing starts
               -Interest rates
         -George P. Shultz
         -Paul W. McCracken
         -Stock market
               -Number of shares
               -Gain
               -Confidence
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 Do not cite this transcript as authoritative.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.

Yeah.
Yes, sir.
I had a couple of things that would, on this minority enterprise thing, I had told the Commerce to get me like some more, get about three or four dramatic figures, like there were 12
car franchises, when we came in, now they're 75.
Okay.
Get about three different things in five hot dog stands, now they're 500.
You see what I mean?
Okay, fine.
I think we got those once before.
Yeah.
Just give me three or four that I can drop in.
Second point, on the steel thing, I'd like to get some rather dramatic figures about our competitive position.
I mean, just like...
that our foreign markets and foreign, you know what I mean?
Right, sir.
That's a double-edged sword, but I want to show how, that American, I mean, because of German, that American steel industry can price itself out of the market.
Okay.
That's it.
Okay.
Now, the third thing, on the economy, I think we can get some better figures than we've got there.
Here's what I want.
I want to say, like, for example, there's some very good figures on,
You can say retail sales, automobile sales, housing starts, and get me the numbers like 5%, 10%.
Okay.
Automobile sales, retail sales, housing starts, interest rates you've got in here, of course.
Right.
Making graphics out of it.
But what we need is about, Schultz may have a, try both Schultz and McCracken and see what both of them come up with.
See, in other words, about five strong points that I can mention with regard to the economy that will show that we're... Strong upward indicators.
Yeah.
And, of course, you can use the stock market as one.
Okay, fine.
I mean, the most...
buoyant bull market in history okay the number of oh get the number of shares they've a billion it's the it's the biggest it's the biggest stock market for example the biggest first quarter in the history of the stock market number of shares and also it's the biggest gain in the stock market and that of course is that affects 27 million people but more it's also
an indication of things to come.
It's an indication of confidence.
It's a vote.
People do not buy unless they, if they expect the market to go down.
Okay, right.
And those things.
Okay?
Yes, sir.
I'll get them.
All right, Pat.
All right.
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