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Conversation: 078-004

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Start Date: 7-Oct-1971 4:30 PM

End Date: 7-Oct-1971 4:57 PM

Participants:

Nixon, Richard M. (President)Bennett, Wallace F.Byrd, Robert C.Ellender, Allen J.Griffin, Robert P.Javits, Jacob K.Long, Russell B.Mansfield, Michael J. ("Mike")Miller, Jack R.Scott, HughSparkman, John J.Talmadge, Herman E.Proxmire, WilliamTower, John G.Belcher, PageByrnes, John W.Ford, Gerald R.Mahon, George H.Quie, Albert H.Patman, WrightSpringer, William L.Boggs, [Thomas] HaleConnally, John B.McCracken, Paul W.Shultz, George P.Ehrlichman, John D.Timmons, William E.Cook, Richard K.Cowen, Eugene S.

Recording Device: Cabinet Room

078a.mp3

078b.mp3

NARA Description:

On October 7, 1971, President Richard M. Nixon and bipartisan Congressional leaders, including Wallace F. Bennet, Robert C. Byrd, Allen J. Ellender, Robert P. Griffin, Jacob K. Javits, Russell B. Long, Michael J. ("Mike") Mansfield, Jack R. Miller, Hugh Scott, John J. Sparkman, Herman E. Talmadge, William Proxmire, John G. Tower, Page Belcher, John W. Byrnes, Gerald R. Ford, George H. Mahon, Albert H. Quie, Wright Patman, William L. Springer, [Thomas] Hale Boggs, John B. Connally, Paul W. McCracken, George P. Shultz, John D. Ehrlichman, William E. Timmons, Richard K. Cook, and Eugene S. Cowen, met in the Cabinet Room of the White House at an unknown time between 4:30 pm and 4:57 pm. The Cabinet Room taping system captured this recording, which is known as Conversation 078-004 of the White House Tapes.

Nixon Library Finding Aid:

Conversation No. 78-4
                                                7

                           NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                        (rev. 10/08)




Date: October 7, 1971
Time: 4:30 pm - unknown before 4:57 pm
Location: Cabinet Room

The President met with Wallace F. Bennett, Robert C. Byrd, Allen J. Ellender, Robert P. Griffin,
Jacob K. Javits, Russell B. Long, Michael J. (“Mike”) Mansfield, Jack R. Miller, Hugh Scott,
John J. Sparkman, Herman E. Talmadge, William Proxmire, John G. Tower, Page Belcher, John
W. Byrnes, Gerald R. Ford, George H. Mahon, Albert H. Quie, Wright Patman, William L.
Springer, [Thomas] Hale Boggs, John B. Connally, Paul W. McCracken, George P. Shultz, John
D. Ehrlichman, William E. Timmons, Richard K. Cook, and Eugene S. Cowen

     House

     Football

     Economy
         -Spokesmen
               -Ehrlichman
               -McCracken
         -President’s schedule
               -Presentation of outline
               -Briefings by others
               -Ehrlichman
               -McCracken
               -Herbert Stein
               -Clark MacGregor
               -Shultz
               -Connally
                     -Press conference
         -President’s speech, October 7, 1971

     Economy
         -Spending
         -Freeze
               -Deferred pay raise
         -Interest rates
         -Dividends
         -Profits
               -Proxmire
               -Windfall profits
               -John L. McClellan
                                               8

                          NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                        (rev. 10/08)



                -Price Commission
                      -Membership
                      -Responsibilities
                            -Prices, rents, windfall profits
          -Pay Board
                -Labor
                -Tripartite: Business, Labor, Government
                -George Meany
                -Concept of voluntary cooperation
                -Shultz
          -Interest and dividends
                -Arthur F. Burns
                      -Committee
                            -Moral session
                                  -Federal Reserve
                                  -Connally
          -Requirements for President’s program to work
                -Sanctions
                -Voluntary restraints
                -One-year extension of wage stabilization legislation
                      -Interest rates
                      -Ehrlichman
          -Wholesale prices
                -Industrial prices
                -Consumer Price Index [CPI]
                      -Freeze
          -Javits
                -International monetary affairs
                      -Surcharge
                      -Connally
                            -International Monetary Fund [IMF]
                                  -Current situation


******************************************************************************

     International economics

[To listen to the segment (1m50s) declassified on 02/28/2002, please refer to RC# E-560.]

******************************************************************************
                                                9

                           NIXON PRESIDENTIAL MATERIALS STAFF

                                       Tape Subject Log
                                         (rev. 10/08)




           -Need for public and Congressional support
                 -President’s experiences representing California
           -President’s program
                 -Goal relating to inflations
                       -90-day freeze
                       -Controls
                             -Duration
           -Taxes
                 -Long
                 -Connally
                 -Legislation status
                       -Senate
                 -President’s address, October 7, 1971
           -Need for bi-partisan consultation

     President’s schedule
          -Continuance of meeting
                -Connally
                -Shultz

The President left at 4:52 pm

     The economy
          -Inflation-fighting mechanisms
                -Cost of Living Council [COLC]
                      -Pay Board
                -Duration of program
                -Price Commission

Recording was cut off at an unknown time before 4:57 pm