Ford had pardoned Nixon for his crimes in 1974. Many experts say that is one of the reasons why Ford lost to Jimmy Carter in the 1976 election, which was very close. Other reasons for the loss were a bad economy with a lot of inflation, the Mayagüez incident, and the last U.S. soldiers leaving Vietnam followed by Saigon and the rest of South Vietnam being taken over by the North Vietnamese, both in 1975.