Nixon White House Tapes › Tape 562 › Conversation 562-004

Nixon, Sanchez & Bull on Unemployment and Economic history

Thursday, August 12, 1971 · 12:24 PM–12:25 PM ET · Oval Office

ParticipantsNixon, Richard M. (President); Sanchez, Manolo; Bull, Stephen B.Conversation562-004 on Tape 562 (tape position 03:16:34–03:18:13)StartThursday, August 12, 1971 at 12:24 PMEndThursday, August 12, 1971 at 12:25 PMRecording deviceOval OfficeSourceNixon Library record for 562-004 ↗

President Nixon, Manolo Sanchez, and Stephen B. Bull engaged in a brief discussion comparing the economic climate and unemployment patterns of the early 1960s with those of 1971. The participants analyzed the nature of unemployment, noting that the current situation involved more localized, structural issues compared to the broader economic distress of the prior decade. The conversation concluded with Nixon expressing resolve regarding his administration's ongoing economic policies and communication strategy.

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This conversation has not yet been cut into its own clip, so the player above contains the full tape segment shared with neighbouring conversations. It begins about 03:16:34 into the tape and ends around 03:18:13.

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 Do not cite it as authoritative — verify against the audio and the finding aid.

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· Timestamps are positions within the full tape recording.
3:16:34The stock market just took a treatment of this.
3:16:39And the economy was bugging, so there was lots of talk about another downturn.
3:16:45So those years, 62, 63, those were the years.
3:16:47Interesting thing also, Mr. President, that it's hard to explain to people, but the composition of unemployment in those days, 61, 2, and 3, was a lot more serious than the composition of unemployment today.
3:17:01We've got a lot of part-time.
3:17:03Yeah.
3:17:03Yes, that's a hard employment problem.
3:17:04Yeah, primarily really a problem for our time and younger people.
3:17:06Whereas there, the bad employment problem was, it was basically, very basic.
3:17:07They called it structural unemployment.
3:17:08It was involved in regular, regular search, I'm sure, from the very beginning.
3:17:09And well, it was a national problem.
3:17:10Our instance is localized.
3:17:11It is primarily where we cut back on spending.
3:17:11And that's where it's worse.
3:17:12That's where it's, that's where we've been really very stiff.
3:17:33In those years, I remember it very well.
3:17:35It was just areas that were chronically depressed and had been for three or four years of unemployment with high levels of unmarried men and pregnant women.
3:17:46Unfortunately, people forget this, but we're much better today than we were in those years.
3:17:55Even at the worst point for unemployment this year, even at 6.2, it wasn't anything lighter than he did.
3:18:01Yes, that's right.
3:18:02I'm curious.
3:18:02The one for Mary Ben, that greatest one, that was lower than it's been, any of those things.
3:18:08Well, that's what people think about it.
3:18:09Yeah.
3:18:10R.I.P.
3:18:11to your friends.
3:18:12Hey, this is what you're banging about.
3:18:15Keep fighting.
3:18:16We'll be in the end.
3:18:18Right, right.
3:18:18That's right.
3:18:19That's what I'm saying.
3:18:21We're on my side.
3:18:21That's it.
3:18:22I mean, I've got a question.
3:18:23Peter?
3:18:26Well, thank you very much.
3:18:29Thank you very much.

On August 12, 1971, President Richard M. Nixon, Manolo Sanchez, and Stephen B. Bull met in the Oval Office of the White House from 12:24 pm to 12:25 pm. The Oval Office taping system captured this recording, which is known as Conversation 562-004 of the White House Tapes.

Conversation No. 562-4

Date: August 12, 1971
Time: 12:24-12:25 pm
Location: Oval Office

The President met with Manolo Sanchez.

     President's schedule
          -Executive Office Building [EOB]

Stephen B. Bull entered at 12:24 pm.

     Bull's schedule

Sanchez and Bull left at 12:25 pm.
  • 007-112 12:01 PM · 5 min — President Richard M. Nixon and John B. Connally talked on the telephone from 12:01 pm to 12:12 pm.
  • 562-003 12:15 PM · 9 min — President Richard M. Nixon, Harold C. Passer, Charles W. Colson, and White House photographer met in the Oval Office of the White House from 12:15 pm to 12:24 pm.
  • 562-005 12:25 PM · 21 min — President Richard M. Nixon, Arnold R. Weber, George P. Shultz, White House photographer, and Stephen B. Bull met in the Oval Office of the White House from 12:25 pm to 12:44 pm.
  • 562-006 12:45 PM · 31 min — President Richard M. Nixon, H. R. ("Bob") Haldeman, John D. Ehrlichman, John W. Dean, III, and Ronald L. Ziegler met in the Oval Office of the White House from 12:45 pm to 1:17 pm.
  • 562-007 1:17 PM · 34 sec — United States Secret Service agents met in the Oval Office of the White House on an unknown date, sometime between 1:17 pm on August 12, 1971 and 8:59 am on August 13, 1971.
  • 273-001 1:20 PM · 4 min — President Richard M. Nixon and Manolo Sanchez met in the President's office in the Old Executive Office Building at an unknown time between 1:20 pm and 2:31 pm.
  • 273-002 1:20 PM · 1 min — President Richard M. Nixon and Henry A. Kissinger met in the President's office in the Old Executive Office Building at an unknown time between 1:20 pm and 2:31 pm.
  • 273-003 1:20 PM · 2 min — President Richard M. Nixon and H. R. ("Bob") Haldeman met in the President's office in the Old Executive Office Building at an unknown time between 1:20 pm and 2:31 pm.

Conversation 562-004, August 12, 1971. White House Tapes, Richard Nixon Presidential Library and Museum, National Archives. Audio and AI transcript via Easy Nixon, https://www.easynixon.org/tapes/562-004 (accessed October 9, 2026).