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...

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