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OCR Page 1 of 15This Copy For
PRESIDENT RICHARD NIXON'S NEWS CONFERENCE #9
Held in the East Room
At The White House
Washington, D. C.
January 30, 1970
At 6:30 P.M. EST (Friday)
Official White House Transcript
THE PRESIDENT: Will you be seated, please?
Mr. Cornell.
QUESTION: Mr. President, for several days I have been
collecting some headlines that sort of point up the question
I would like to put to you. I would like to run over some of
these headlines with you.
"Balance of trade makes slight progress in 1969."
"Circus rings up record 1969 profits" that is Ringling
Brothers. "Big firms, 1969 profits down." "Dow average
hits new low for three years. = "GNP rise halted." "Ford
joins GM-Chrysler in work cutbacks." "Wholesale prices
show sharp rise." "U.S. Steel will raise sheet prices
February 1."
The question is, how, sir, do you assess the
possibility that we may be in for perhaps the worse possible
sort of economic conditions -- inflation and a recession?
THE PRESIDENT: Well, Mr. Cornell, the major purpose
of our economic policy since we came into office a year ago
has been to stop the inflation which had been going on for
five years without doing it so quickly that it brought on
a recession.
Now, as a result, we are now in a position, the critical
position, in which the decisions made in the next month or two
will determine whether we win this battle.