Business: Trying to Jawbone the Stock Market

As the stock market plunged precipitously last week to the lowest point in 61 years, President Nixon made a statement that sounded much like the jawboning that he dislikes. He told a group of businessmen visiting the White House that there will be no recession. Then he added: "Frankly, if I had any money I'd be buying stocks right now." The comment was rather reminiscent of John D. Rockefeller's attempt to rally public confidence during the Great Crash.* The Rockefeller bullishness did scarcely anything to stem the market decline in 1929, but Nixon's...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!