Nixon White House Tapes › Tape 274 › Conversation 274-005

Nixon & Ehrlichman on Economic Policy and Stock Market

Monday, August 16, 1971 · 2:40 PM–2:43 PM ET · Old Executive Office Building · 3 min

ParticipantsNixon, Richard M. (President); Ehrlichman, John D.Conversation274-005 on Tape 274 (tape position 00:05:35–00:08:51)StartMonday, August 16, 1971 at 2:40 PMEndMonday, August 16, 1971 at 2:43 PMRecording deviceOld Executive Office BuildingSourceNixon Library record for 274-005 ↗

AI Summary

President Nixon and John Ehrlichman reviewed the positive initial public and market reactions to the President's August 15 economic address. They discussed the significant surge in stock market volume and emphasized the need to maintain public confidence following the announcement. Additionally, Nixon praised Treasury Secretary John Connally's effective and firm performance during recent press briefings regarding the new economic policies.

Audio

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Position in tape: 00:05:35 – 00:08:51

part A, 5:40

274a.mp3
274b.mp3
274c.mp3

NARA Description

On August 16, 1971, President Richard M. Nixon and John D. Ehrlichman met in the President's office in the Old Executive Office Building from 2:40 pm to 2:43 pm. The Old Executive Office Building taping system captured this recording, which is known as Conversation 274-005 of the White House Tapes.

Nixon Library Finding Aid

Conversation No. 274-5

Date: August 16, 1971
Time: 2:40 pm - 2:43 pm
Location: Executive Office Building

The President talked with John D. Ehrlichman.

     Economy
         -President’s address to the National, “The Challenge of Peace”, August 15, 1971
               -Reaction
                    -Stock market
                          -Volume
                    -Timing
                    -Confidence builder
                    -Shock value
                    -Confidence
                    -Stock market
               -Forthcoming State Department briefing
               -Press conference
                    -John B. Connally
                          -Performance
               -Cabinet meeting, August 16, 1971

Transcript (AI-generated)

This transcript was generated automatically by AI (WhisperX) and has not been reviewed for accuracy. Names and numbers are often wrong; speakers are not identified. Do not cite it as authoritative — verify against the audio and the finding aid.

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We had quite a day, haven't we?
Hanging around 31 before each other.
In terms of the summer day, of course, it will not be the biggest day due to the value, but in terms of summer value, it's going to be probably double off the summer day.
That's good.
It was shaking that time.
And, you know, we're going to be able to, we may be able to cover all the, I mean, the general reaction, I think, is better than we could expect.
Better than we expected.
Right.
And it may be a confidence that that's what we need to be talking about at this point.
This first market date will have a heroin effect.
That may let it ride a second date.
Yeah.
OK.
I'll turn it over to him.
So I thought I ought to go over and give him a little shout in the air.
And I don't want to comment after work.
He's terribly tired.
And I just told him to wipe it up and not let somebody else move the back part.
So they say he did a hell of a job on the press conference.
I like the way he cuts them off.
No, yes.
He cuts them off, but he doesn't do it meanly.
That's what it means when he cuts them off.
No, yes, and smiles the next time.
Um, great, great, sure, we'll reserve it more.
But you know, really, uh, we were in the chemical department.
Oh, how did that go?
Tell me about that.
Good, good, good.
That's great.
Great, great, great.

Also recorded on August 16, 1971

  • 274-006 2:43 PM · 34 sec — President Richard M. Nixon and the White House operator met in the President's office in the Old Executive Office Building at 2:43 pm.
  • 274-048 2:43 PM · 13 sec — President Richard M. Nixon and unknown person(s) met in the President's office in the Old Executive Office Building from 2:43 pm to 2:44 pm.
  • 274-007 2:44 PM · 3 min — President Richard M. Nixon and William L. Safire met in the President's office in the Old Executive Office Building from 2:44 pm to 2:49 pm.
  • 274-008 2:49 PM · 1 min — President Richard M. Nixon and Alexander P. Butterfield met in the President's office in the Old Executive Office Building at an unknown time between 2:49 pm and 2:54 pm.
  • 274-009 2:49 PM · 12 sec — President Richard M. Nixon and the White House operator met in the President's office in the Old Executive Office Building at an unknown time between 2:49 pm and 2:54 pm.
  • 274-010 2:54 PM · 3 min — President Richard M. Nixon and Rose Mary Woods met in the President's office in the Old Executive Office Building from 2:54 pm to 2:58 pm.
  • 274-011 2:59 PM · 2 min — President Richard M. Nixon and Robert H. Finch met in the President's office in the Old Executive Office Building from 2:59 pm to 3:01 pm.
  • 274-012 3:01 PM · 59 sec — President Richard M. Nixon and Alexander P. Butterfield met in the President's office in the Old Executive Office Building at an unknown time between 3:01 pm and 3:05 pm.

All 66 conversations from August 16, 1971 →

Cite this conversation

Conversation 274-005, August 16, 1971. White House Tapes, Richard Nixon Presidential Library and Museum, National Archives. Audio and AI transcript via Easy Nixon, https://www.easynixon.org/tapes/274-005 (accessed November 2, 2026).