Mayhem: The 1970s You Never Knew, Episode 6

Summary

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The Preamble with Sharon McMahon

Episode 6: Mayhem: The 1970s You Never Knew
Date: May 11, 2026

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Episode Overview

In this sixth episode of the "Mayhem: The 1970s You Never Knew" series, Sharon McMahon explores the extraordinary upheaval of 1974 in American political and economic life. The episode provides a detailed look at the resignation of President Richard Nixon, the aftermath including Gerald Ford’s controversial pardon, and the stagflation crisis that gripped the nation. Sharon interweaves personal details, political consequences, and cultural impacts, painting a nuanced portrait of a country reeling from corruption, scandal, and historic change.

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Key Discussion Points & Insights

Nixon’s Downfall and Resignation (02:21–09:55)

• Nixon’s Loss of Political Support
  • As Watergate deepened, Nixon’s political base in Congress crumbled.
  • Senator Barry Goldwater, a prominent Republican, directly told Nixon he had almost no support left to survive impeachment.
    • Quote: “There are only so many lies you can take and now there has been one too many. He said Nixon should get his butt out of the White House today. Except he used a different word for butt, if you know what I mean.” (04:09)
• Resignation Process
  • Nixon privately broke down in front of congressional friends before officially resigning.
  • The nation’s reaction was divided: some prayed for him, others celebrated or protested outside the White House.
  • Upon resignation, Nixon and his family departed on Marine One, a moment described as both public spectacle and personal defeat.
    • Quote (on Nixon’s exit): “Nixon climbed the steps of Marine One, flashed a broad smile and dual victory signs, and then, once on board, gazed out the window at what his cover up had cost him.” (06:39)
• Ford’s Sudden Ascension and Challenges
  • Gerald Ford was sworn in, with his family caught off guard by their rapid move into the White House.
  • The adjustment for the First Family was jarringly ordinary: “Jerry, there is something wrong with this picture. You are the President of the United States and I am still cooking.” (08:24)
  • Ford kept key Nixon appointees at first, including Dr. Henry Kissinger and General Alexander Haig (later replaced by Donald Rumsfeld).

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The Nixon Pardon and Its Political Fallout (09:55–15:21)

• Ford’s Rationale and Sacrifice
  • On September 8, 1974, Ford granted Nixon a full pardon for all offenses, which sharply reduced Ford’s approval rating.
    • Gerald Ford’s words (reading the pardon):
      “I do believe that the buck stops here... I do believe with all my heart and mind and spirit that I, not as president, but as a humble servant of God, will receive justice without mercy if I fail to show mercy...” (09:55)
  • Ford later stated the pardon was for the country’s healing, not Nixon personally:
    • Quote: “The purpose of the pardon was to try and get the United States, the Congress, the President, and the American people focusing on the serious problems we have both at home and abroad.” (14:25)
• Public Backlash and Persistent Accusations
  • Ford faced ongoing suspicions about a secret deal and was compelled to defend his actions publicly and in Congress.
  • Sharon notes the deep, mostly private friendship between Ford and Nixon, which informed Ford’s decision.
    • Quote from Ford (on Nixon): “I looked upon him as my personal friend, and I always treasured our relationship... I didn’t want to see my real friend have the stigma.” (12:55)

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An Economy in Crisis: Stagflation & the WIN Plan (17:25–24:58)

• The “Whip Inflation Now” (WIN) Plan
  • Ford’s response to soaring inflation and unemployment included asking the public and businesses to economize and wearing “WIN” buttons.
    • Alan Greenspan’s reaction: “I was the only economist present and I said to myself, this is unbelievable stupidity. What am I doing here?” (19:25)
  • The plan was widely mocked — people wore “WIN” pins upside down (“NIM”: “No Immediate Miracles”).
• Roots and Spread of 1970s Stagflation
  • Multiple factors converged:
    • OPEC oil embargo following U.S. support for Israel in Yom Kippur War — led to severe gasoline shortages and price surges.
    • U.S. abandoning the gold standard (1971) further destabilized the global economy.
    • Crop failures and poor wheat harvests spiked food prices.
    • Higher taxes and interest rates, rising unemployment, and declining consumer spending created historic stagflation.
  • Sharon summarizes:
    “We were left with the job of building the airplane in the air.” (21:00)
• Political Complications
  • Ford nominated Nelson Rockefeller as VP, causing controversy due to Rockefeller’s wealth and because neither President nor VP had been elected.
  • Congressional confirmation was delayed by months, drawing public frustration.

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Nixon’s Post-Presidency, Memoirs, and the Frost Interviews (24:58–35:30)

• Personal Consequences and Memoirs
  • Nixon suffered depression and health issues after resigning; returned to California burdened with legal costs and back taxes, prompting a lucrative memoir deal.
  • Not everyone welcomed his profits — grassroots movements urged a boycott of Nixon’s memoirs, with slogans like “The Book Stops Here” and “Don’t Buy Books from Crooks.” (28:10)
• The Frost/Nixon Interviews
  • Nixon agreed to a series of in-depth interviews with David Frost for $600,000 and a profit share.
  • Networks balked at airing it due to journalistic ethics (because Nixon was paid), so Frost independently syndicated the interviews.
  • Frost pressed Nixon harder than expected, especially during the Watergate segment.
• Nixon’s Televised Confession and Legacy
  • Under Frost’s questioning, Nixon delivered a confessional moment:
    • Nixon (to Frost):
      “I let down my friends, I let down the country, I let down our system of government and the dreams of all those young people that ought to get into government but will think it’s all too corrupt and the rest...

Transcript

[A]

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Hello friends, and welcome back to the sixth episode in our series about the 1970s mayhem. Today we are jetting back to 1974. After serving 2026 days as president, and with two and a half years to go in his second term, Richard Nixon addressed the nation from the oval office on August 8th. A weary and divided country. Listen to the radio and TV broadcasts of a man who once declared that he was not a crook and would not leave office or tender his resignation.

[C]

He said, I have always tried to do what was best for the nation. Throughout the long and difficult period of Watergate, I have felt it was my duty to persevere, to make every possible effort to complete the term of office to which you elected me. In the past few days, however, it has become evident to me that I no longer have a strong enough political base in the Congress to justify continuing that effort.

[B]

I'm Sharon McMahon and this is the Preamble podcast. As his support on Capitol Hill and with members of his own party plummeted, Nixon knew that he would be impeached and to avoid embarrassment, he had to resign. Watergate wasn't one event and neither was the COVID up. Barry Goldwater was a leading conservative voice at the time and he saw Richard Nixon's pattern of lies and cover up of the truth. He was disgusted that his party's leader squandered the reputation of Republicans for his own political gain. In order to avoid the entire Republican Party being sullied by Nixon's actions, Goldwater wanted him out quickly and quietly. On August 6, two days before Nixon's resignation announcement, Goldwater spoke at one of the regular Senate Republican Conference lunches. There are only so many lies you can take and now there has been one too many. He said Nixon should get his butt out of the White House today. Except he used a different word for but, if you know what I mean. Goldwater called the White House and demanded to speak with Nixon, who invited other GOP leaders along as he didn't want to have a one on one with Goldwater. They met in the Oval Office and Goldwater informed Nixon that He had maybe 15 votes in the Senate. Nixon asked the Senate Minority Leader, Hugh Scott of Pennsylvania, if he agreed. Scott dealt a devastating blow. I think 12 to 15. Which meant Nixon had no hope of surviving impeachment given that the House Judiciary Committee recommended impeachment and Nixon no longer had the support of his party. The writing was on the wall. Around 8pm On Aug. 8, Nixon invited about 45 senators and representatives to the Oval People he considered his friends, where he previewed the message that he would deliver to the American public. An hour later, overcome by emotion, Nixon in tears bolted from the room. And Goldwater, of all people, the one who had been clamoring among colleagues for Nixon's resignation, later publicly commented, he just told us that the country couldn't operate with a halftime president. Then he broke down and cried and he had to leave the room. And then the rest of us broke down and cried. Photos of the public taken at the time show crowds of people praying for the President, while others congregated outside the White House fence with effigies of Nixon and signs both demanding and celebrating his resignation. The business of the nation could wait for neither celebration nor mourning, though, and Gerald Ford was sworn in as President immediately following Nixon's official resignation. At noon on August 9, 1974, following Ford's swearing in, the new President and First lady escorted their predecessors to a helicopter waiting to whisk them out of D.C. much like the helicopters that served to evacuate American American military personnel during the Vietnam War. The Nixon's departure from the White House was broadcast live, and cameras caught the Nixons and Fords walking out, smiles plastered on their faces. President Ford wrapped his arm around his wife Betty, and Betty held hands with Pat Nixon. Secretaries and workers from the White House gathered on the lawn, some crying on, others waving. Nixon climbed the steps of Marine One, flashed a broad smile and dual victory signs, and then, once on board, gazed out the window at what his cover up had cost him. The Ford's transition to First Family wasn't quite as smooth. The time between Nixon's decision to resign and his official resignation was so short that the Ford family still lived in their home in Arlington, Virginia for a full week after Gerald Ford took office. They had to hastily pack their belongings and arrange for them to be shipped to the White house. In a 2016 interview with the Washington Post, their son Stephen recalled that a couple of days after his father had been sworn in, his mother looked up from making dinner and remarked, jerry, there is something wrong with this picture. You are the President of the United States and I am still cooking. So they quickly packed to move. The Fords had four children, and a few were already out of the house when Gerald Ford took office. When they stopped by the White House for a visit, the family's chauffeur had to persuade the security guard that they were in fact the President's family and not just a bunch of tourists. On the political front, Ford took Nixon's parting advice to retain Dr. Henry Kissinger as Secretary of State. He did the same for Nixon's chief of staff, General Alexander Haig, though a clash of management styles Led to Ford replacing him with someone else whose name might be familiar to you. Donald Rumsfeld. On September 8, 1974, not quite a full month after Nixon resigned, Ford took a bold step he deemed necessary for the healing of the country and it cost him. His approval rating dropped 40 points from 70% approval to 30% approval. And later, Ford lost his re election bid in 1976. Why? One of the reasons was because he granted a full pardon to Richard Nixon.

[D]

I do believe that the buck stops here, that I cannot rely upon public opinion polls to tell me what is right. I do believe that right makes might and that if I am wrong, 10 angels swearing I was right would make no difference. I do believe with all my heart and mind and spirit that I, not as president, but as a humble servant of God, will receive justice without mercy if I fail to show mercy. Finally, I feel that Richard Nixon and his loved ones have suffered enough and will continue to suffer no matter what I do, no matter what we as a great and good nation can do together to make his goal of peace come true. Now, therefore. Therefore, I, Gerald R. Ford, President of the United States, pursuant to the pardon power conferred upon me by Article 2, Section 2 of the Constitution, have granted, and by these presents do grant a full, free and absolute pardon unto Richard Nixon for all offenses against the United States which he, Richard Nixon, has committed or may have committed or taken part in. During the period from July 20, 1969 through August 9, 1974, Ford assumed the presidency.

[B]

With Watergate and Nixon looming over him, he tried to start fresh. But he was bombarded with questions about Nixon's actions during his first press conference. And false rumors circulated about a secret deal between Nixon, Ford and special prosecutor Leon Jaworski. Ford also received distressing news about how his friends, the Nixons, were faring in California. Pat Nixon had to wear a disguise to go grocery shopping and otherwise remained secluded while local citizens lobbed dog excrement at their family home. Richard Nixon was depressed, and it negatively impacted his health. In 2006, reporter Bob Woodward, who helped uncover the Watergate scandal, wrote about the deep and mostly hidden friendship Ford and Nixon shared. Their relationship dated back to the 1940s, and the full extent of their friendly affection for each other with wasn't revealed until after Gerald ford died in 2006 and his papers were later released to the public. In a 2005 interview, Ford recalled, I think that Nixon felt I was about the only person he could really trust on the Hill. I looked upon him as my personal friend, and I always treasured our relationship. And I had no hesitancy about granting the pardon because I felt that we had this relationship and that I didn't want to see my real friend have the stigma. This was not merely pity. Nixon's own secret phone recordings captured a fateful May 1, 1973, phone call he made to Ford at the height of the Watergate unraveling. Nixon wanted reassurance and could find it only in his friend. Ford's loyalty is evident in his words. He said, anytime you want me to do anything, under any circumstances, you give me a call, Mr. President, we'll stand by you morning, noon and night. And he did. Ford volunteered to speak before a congressional subcommittee to explain his controversial pardon. And he reiterated that it was unimperative action in order for the country to move on and address its issues.

[D]

I would like to say that the reason I gave the pardon was not as to Mr. Nixon himself, I repeat, and I repeat with emphasis, the purpose of the pardon was to try and get the United States, the Congress, the President, and the American people focusing on on the serious problems we have both at home and abroad. And I was absolutely convinced then, as I am now, that if we had had this series, an indictment, a trial, a conviction, and anything else that transpired after that, that the attention of the President, the Congress and the American people would have been diverted from the problems that we have to solve. And that was the principal reason for my granting of the pardon.

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Although the men shared a friendship and even golfed together, they did not always agree on economic matters. Greenspan was home totally unimpressed with the WIN plan. He said the speechwriters had ordered millions of WHIP Inflation NOW buttons, samples of which they handed out to us in the room. It was surreal. I was the only economist present and I said to myself, this is unbelievable stupidity. What am I doing here? Greenspan saw the only way out of rising unemployment and inflation was to control the federal government's spending. Speaking to reporters, he said, if you don't solve the budget problems, anything else is just treating symptoms. Greenspan was not the only person disappointed by the WIN plan. People took to wearing the pins upside down, so they read nim, which they claimed stood for no Immediate Miracles. The latest pop culture joke quickly turned into dismal, as Economists, a mere six months later, warned of an impending recession. One economist on Ford's team reminded everyone of the challenges the administration faced from the outset. You all know what happened. We were left with the job of building the airplane in the air. 1974 marked a global economic recession which coupled with inflation, created stagflation. Several factors created this situation, including volatility in the valuation of US Currency, the price of oil, the price and shortage of gasoline, personal income deficits, soaring food prices due to crop failures, and a decline in consumer spending. As I mentioned in our last episode, OPEC or the Organization of Petroleum Exporting Countries declared an oil embargo on the United States after we supported Israel and in the Yom Kippur War in October of 1973. The embargo cut oil imports from participating countries to the United States. It also cut production, resulting in more demand than supply. And you know what that means. Prices soar on the home front. The US didn't have excess oil with which they could saturate the market to lower costs. Our monetary system used to link the US dollar to the value of gold. Mean for every dollar that was printed, there was a corresponding amount of gold sitting in reserve. Nixon changed that in 1971 for a variety of reasons. We don't have much time for today. But suffice it to say that the global economic system was impacted by the US moving away from the gold standard. Crop failures in 1972 and anemic wheat harvests in 1974 led to soaring global food prices as the amount of grain on the market was insufficient for the needs of both people and livestock. And again, with more demand than supply, prices increased astronomically for some families. On top of double digit inflation in the U.S. the federal personal income tax increased. So not only are all the prices going up, now, taxes are going up too. Americans no longer had as much disposable income and what they had they were spending on gas for their vehicles or food for their families. Higher and increased interest rates dampened the housing and car markets as people were priced out of purchases. And we were also suffering from another economic crisis, high unemployment. By the way, all of these things are related to each other as they are when it comes to the economy. You can't wiggle one of these things up or down without affecting the other ones. So this was a perfect confluence of events that created an incredible level of economic instability and unhappiness. So just to sum it all up, we have in the early years of the 1970s, high unemployment, way more people without Jobs, high inflation. So the money that they make doesn't go as far as low supply of necessities like oil and food, which drives the prices up even more. A highly corrupt President Nixon and Vice President Spiro Agnew, the Vietnam War. And with all of that, it's easy to see why the mood of the country was quite low and pessimistic. Indeed, inflation was not the only issue on which Ford faced obstacles. Just getting his Vice President confirmed was an ordeal that took four months. Ford nominated the former Governor of New York, Nelson Rockefeller, for the vice presidency in August 1974, 11 days after he took office. But Congress didn't begin their hearings until November for a couple of reasons. The first was Nelson Rockefeller himself. Specifically his money. Was he too rich to understand what it was like to be an everyday American? Rockefeller's disclosures to Congress put his net worth in $1974 at 62.6 million, which is like $400 million today. And he had a history as the Governor of New York for being generous with large monetary gifts and loans to other elected officials and including Henry Kissinger. The logical question was, would he use his fortune to influence legislators? Referencing the Congressional questioning of him, Rockefeller said, would my family background somehow limit and blind me so that I would not be able to see and serve the general good of all Americans? Poverty too can blind a man or a woman. Some never rise above the hungry resentments of early hardships. The second reason for the delay was the fact that some members of Congress were unhappy about the fact that neither Ford nor Rockefeller were elected. Ford had been appointed by Nixon to replace the corrupt vp, Spiro Agnew, so he had not been elected to either the Vice Presidency or the Presidency. And here was Ford nominating a VP who was also unelected. This was brand new in US history, and it just didn't sit right with some people. This long of a delay, though, was too much for a weary nation. A frustrated public inundated Congressional offices with letters to do your job. And Congress finally did. Rockefeller was confirmed in December. When we last left Richard Nixon, he was peering out the window of Marine One, soon to be circling over D.C. monuments and landmarks. Flown out of town in disgrace, the Nixons moved back to California, where they had an almost six acre beachfront property. The former President suffered serious health problems, including a blood clot in his leg that required surgery and surgical complications that required a lengthy hospital stay. Reports noted that he seemed despondent. But then he decided to take action. His comeback in 1975 was really a practical matter, the Nixons owed back taxes and his personal defense for Watergate had cost him about a million dollars dollars, or the equivalent of $5.8 million today. Nixon sold the rights to publish his memoirs for $2 million, which is like nearly $12 million today, and when the memoir hit the shelves in 1978, they were bestsellers.

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[C]

I'm sorry, I just hope I haven't left let you down. Well, when I said I just hope I haven't let you down, that said it all I had. I let down my friends, I let down the country, I let down Our system of government and the dreams of all those young people that ought to get into government but will think it's all too corrupt and the rest. Most of all, I let down an opportunity that I would have had for two and a half more years to proceed on great projects and programs for building a lasting peace, which has been my dream, as you know from our first interview in 1968, before I had any thought I might even win that year. I didn't tell you I didn't think I might win, but I wasn't sure. Yep, I let the American people down and I have to carry that burden with me, me, for the rest of my life.

[B]

Nixon went on to quibble about the semantics of whether his actions were impeachable and seemingly blinking back tears, offered this assessment of himself, his future, and what it might mean for future presidents facing impeachment.

[C]

I did not commit, in my view, an impeachable offense. Now the House has ruled overwhelmingly that I did. Of course, that was only an indictment and it would have to be tried in the Senate. I might have won, I might have lost. But even if I'd won in the Senate by a vote or two, I would have been crippled. And in any event, for six months, the country couldn't afford having the President of the DoC in the United States Senate. And there can never be an impeachment in the future in this country without. Without a president voluntarily impeaching himself. I have impeached myself. That speaks for itself. How do you mean? I have impeached myself by resigning. That was a voluntary impeachment and I have to carry that burden with me for the rest of my life. My political life is over. I will never yet, never again have an opportunity to serve in any official position. As far as the handling of this matter was concerned, it was so botched up. I made so many bad judgments. The worst ones, mistakes of the heart rather than the head, as I pointed out. But let me say, a man in that top judge, top job, he's got to have a heart. But his head must always rule his heart.

[B]

The ongoing drama in and around the presidency and the global economic crisis were not the only news headlines of 1974 though, and here are a few others. Patty Hearst, a wealthy college student, was kidnapped by members of the Symbionese Liberation army. And we will dive into her story in future episode. It is a doozy. Have you ever heard of Stockholm syndrome? We will explain Patty's complicated relationship with her captors. 26 year old author Stephen King published his first book Carrie. It reinvigorated the horror genre and has subsequently been adapted as a film multiple times. In a fit of self doubt, he threw away his first draft and his wife felt fished it out of the trash can and insisted that he submit it. When his editors called to say that he had sold the rights to the book for $400,000, Stephen recalled, the strength went right out of my legs and I sat on the linoleum as we talked a bit more and I hung up and I thought, I have to get my wife something. I'm in Bangor, Maine. What Open? The only thing that was open was a drugstore. So I went downtown and I bought her a hair dryer and she got home from the folks and I said, honey, I bought you something. And she said, oh, a hair dryer. And then she said, it's beautiful, Steve, but I want you to take it back because we can't afford it. Joke was on her. The Sears Tower in Chicago became the world's tallest building for a little while. For a hot second in Africa, a hominid skeleton over 3 million years old was discovered and named Lucy. The first woman president in the world, Isabel Peron, took office on July 1 following her husband's death. She was the president of Argentina. And in the United States, Beverly Johnson became the first woman of color to model on the COVID of Vogue magazine. Next time, we'll talk about everything about the Vietnam War, violence abroad, protests at home, and our participation in a conflict that dated back decades. I'll see you soon. The show is written and researched by Sharon McMahon, Amy Watkin, Mandy Reed, and Kari Anton. Our audio producer is Jenny Snoop Snyder, and it is executive produced and hosted by me, Sharon McMahon. If you enjoyed today's episode, we would love for you to hit the subscribe button. Leave us a review or share this episode on your favorite social media platform. All of those things help podcasters out so much. We'll see you again soon.

[F]

I'm Kiana and I leveled up my business with Shopify. Once I figured out that Shopify was a thing, I never turned back. I can create a site with my eyes closed. Shopify thinks ahead of us, you know, and it thinks about the customer more than anything. Every day I'm thinking about some other new business, but Shopify is doing it to me because it's so easy to use. It's like, I can't stop. I'm addicted. Start your free [e-mail].