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Conversation 562-004

TapeTape 562StartThursday, August 12, 1971 at 12:24 PMEndThursday, August 12, 1971 at 12:25 PMTape start time03:16:34Tape end time03:18:13ParticipantsNixon, Richard M. (President);  Sanchez, Manolo;  Bull, Stephen B.Recording deviceOval Office
AI Summary

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.

UnemploymentEconomic historyStructural unemploymentEconomic policyLabor market
AudioNARA Description

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.

Nixon Library Finding Aid
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.
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 Do not cite this transcript as authoritative.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.

The stock market just took a treatment of this.
And the economy was bugging, so there was lots of talk about another downturn.
So those years, 62, 63, those were the years.
Interesting 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.
We've got a lot of part-time.
Yeah.
Yes, that's a hard employment problem.
Yeah, primarily really a problem for our time and younger people.
Whereas there, the bad employment problem was, it was basically, very basic.
They called it structural unemployment.
It was involved in regular, regular search, I'm sure, from the very beginning.
And well, it was a national problem.
Our instance is localized.
It is primarily where we cut back on spending.
And that's where it's worse.
That's where it's, that's where we've been really very stiff.
In those years, I remember it very well.
It 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.
Unfortunately, people forget this, but we're much better today than we were in those years.
Even at the worst point for unemployment this year, even at 6.2, it wasn't anything lighter than he did.
Yes, that's right.
I'm curious.
The one for Mary Ben, that greatest one, that was lower than it's been, any of those things.
Well, that's what people think about it.
Yeah.
R.I.P.
to your friends.
Hey, this is what you're banging about.
Keep fighting.
We'll be in the end.
Right, right.
That's right.
That's what I'm saying.
We're on my side.
That's it.
I mean, I've got a question.
Peter?
Well, thank you very much.
Thank you very much.
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