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(Studio) President Nixon appeals for patience and self-restraint for economy stabilization.
REPORTER: Walter Cronkite
(DC) President Nixon wanted to assure Americans of slowing down inflation, but not causing recession. Says no wage and price controls. He'll hold down government spending and hold tax rate up. Only live radio coverage allowed. Only 1 point allowed for TV. [President NIXON - says we're on the road to recovery from runaway prices. Cost of living can be slowed. $ should be worth $.] President reported resignation of Federal Reserve Bd. Chairperson William McC. Martin, 62, who will be replaced by White House Counsellor, Dr. Arthur Burns, 65. 2 men shown together. Both men sound money men who believe in high interest rates and limited unemployment to control inflation.
REPORTER: Dan Rather
- Cronkite, Walter;
- Rather, Dan
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