002-006

Date: 
Monday, April 19, 1971 - 7:24pm - 7:26pm
Participants: 
Richard Nixon, H.R. (Bob) Haldeman
Location: 
White House Telephone
Listen: 


 

President Nixon: Yeah.

Operator: [White House Chief of Staff] Mr. [H. R. “Bob”] Haldeman.

Bob Haldeman: Yes, sir.

President Nixon: I think it would be a good thing tomorrow, I don't know what's on the schedule for the legislative leaders meeting, but why don't we have [Office of Management and Budget Director] George Shultz take ten minutes—tell him at the beginning—just for a very upbeat, optimistic view on the economy.

Haldeman: OK.

President Nixon: And not [Council of Economic Advisers Chairman Paul W.] McCracken. I don't want McCracken.

Haldeman: Right.

President Nixon: And don't worry about hurt feelings. And . . . But I think George is the guy, don't you, to do it?

Haldeman: Oh, sure.

President Nixon: Yeah. And he could—he knows. He can just give the really upbeat things, because let these guys get a little feel of the thing, you know. They don't, they may not follow these things as closely.

Haldeman: Mm-hmm.

President Nixon: And they don't know. Incidentally, you were right about the market. Went to 948 today.

Haldeman: Yeah.

President Nixon: It's unbelievable.

Indistinct background voices.

Haldeman: And on 17, 18 million shares almost.

President Nixon: Yeah. That's really unbelievable, the way that thing has moved along, and it's—of course, the reason it's moving, Bob, is that these guys, they look at what the pessimists say and they look at what the optimists say and they're coming down on the side of the optimists.

Haldeman: Yeah.

President Nixon: They're more optimistic about the long-range view. Don't you think that's it?

Haldeman: Sure.

President Nixon: And I think that if anybody had told you two months ago, even a month ago, you know. Remember when everybody was down in the mouth about the economy and “we're going to have to have a tax reduction,” or some damn thing, you know. And maybe we still have to, but it doesn't look like it. See my point?

Haldeman: Mm-hmm. Mm-hmm.

President Nixon: Particularly if it starts to move, and—but George can hit a few figures.

Haldeman: OK, good.

President Nixon: And I think it's a good idea.

Haldeman: All right.

President Nixon: Because he likes to do it, and it's—he can just be there and tell him to really give an upbeat—just the sales point. He doesn't need to balance anything out with these characters, just give them things that are optimistic, and things are going great. OK?

Haldeman: OK.

President Nixon: All right.

Haldeman: Right.

Original tape courtesy of the Nixon Library. This transcript is a working draft. Please let us know if you find important errors.