Conversation: 120-002
Prev: 120-001 Next: 120-003Start Date: 2-May-1973 8:11 AM
End Date: 2-May-1973 9:10 PM
Participants:
Nixon, Richard M. (President); Shultz, George P.; Stein, Herbert; Dunlop, John T.; Abel, I[lorwith] W.; Fitzsimmons, Frank E.; Greathouse, Pat; Hall, Paul; Kirkland, [Joseph] Lane; Carter, Edward W.; Larry, R. Heath; Lundin, Oscar A.; O'Connell, John F.; Wriston, Walter B.; Nixon, Richard M. (President); Shultz, George P.; Stein, Herbert; Dunlop, John T.; Abel, I[lorwith] W.; Fitzsimmons, Frank E.; Greathouse, Pat; Hall, Paul; Kirkland, [Joseph] Lane; Carter, Edward W.; Larry, R. Heath; Lundin, Oscar A.; O'Connell, John F.; Wriston, Walter B.;Recording Device: Cabinet Room
NARA Description:
On May 2, 1973, President Richard M. Nixon, George P. Shultz, Herbert Stein, John T. Dunlop, I[lorwith] W. Abel, Frank E. Fitzsimmons, Pat Greathouse, Paul Hall, [Joseph] Lane Kirkland, Edward W. Carter, R. Heath Larry, Oscar A. Lundin, John F. O'Connell, and Walter B. Wriston met in the Cabinet Room of the White House at an unknown time between 8:11 am and 9:10 pm. The Cabinet Room taping system captured this recording, which is known as Conversation 120-002 of the White House Tapes.
Nixon Library Finding Aid:
Conversation No. 120-2
Date: May 2, 1973
Time: Unknown between 8:11 am and 9:10 pm
Location: Cabinet Room
George P. Shultz met with Herbert Stein, John T. Dunlop, I[lorwith] W. Abel, Frank E.
Fitzsimmons, Pat Greathouse, Paul Hall, [Joseph] Lane Kirkland, Edward W. Carter, R. Heath
Larry, Oscar A. Lundin, John F. O’Connell, and Walter B. Wriston; the White House
photographer and members of the press were present at the beginning of the meeting
[Recording begins while the conversation is in progress]
Wholesale price index
The President entered at 3:21 pm
Greetings and introductions
-Participants
[General conversation/Unintelligible -- Camera noise]
Economic stabilization
-Work of committees
-Appreciation
-Labor and management
-Dunlop
-Inflation
-Wage and price controls
-Food prices
Labor-Management Advisory Committee
-Meeting in Miami
-Wages
-Dunlop’s figures
-Committee’s efforts
-Action by administration
-Wage and price freeze
-Success
-Problems
-Auto workers and Henry E. Ford, II
-American worker
-Wages
6
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/08)
-Need for reassurance
Economic stabilization
-Public understanding
-Rule of committee
-Shultz
-Price freeze
-President’s view
-Attractiveness
-Public support
-Extent
-Wage settlements
-Prices
-Wages
-George Meany
-Steel settlement
-Long-term problem
-Wages
-Upcoming settlements
-Business attitudes
-Meany
-Phase III
-Forthcoming Presidential statement
-Pre-notification
-Problems for management
-President’s justification
-Shultz and Dunlop
-Efforts
-Freeze
-Views of business
-President’s program
-Timing
-Views of business
-Public understanding
-Current controls
-Price increases
-Success
-Long-range solution
-Business perception
-Wages and labor unions
-Impact of inflation
-Economy
7
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/08)
-Management
-Cooperation between business and labor
-Business views
-Lack of controls on interest rates and farm prices
-Outlook
-Wage settlements
-Price controls
-Committee
-Statements
-Dunlop’s role
-Investigations
-Kirkland’s suggestions
-Wage settlements
-Phase II
-Employment costs
-Effect on other prices
-Differing views within the committee
-Business community
-Compliance
-Construction industry
-Dunlop’s efforts
-Hall’s view
-Need for time
-Freeze
-Committee’s belief
-Solution
-Rollback
-Dunlop and Shultz’s role
-Public perception
-Dwight D. Eisenhower’s phrase “price-wage spiral
-Phase I
-Presidential authority
-Cost of living figures
-Stein
-Public confidence
-Phase II
-Controls
-Cooperation between labor and business
-Phase III
-Increases
-Forthcoming wage negotiations
-Labor position
8
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/08)
-Rollback
-Options
-Freeze
-Outlook for success
-Steel negotiations
-Imports
-Cost of living increase
-1959 negotiations
-President’s role
-Strikes
-Arbitration
-Abel
-Resolution
-Benefits
Labor-Management Advisory Committee
-Efforts
-Productivity
-Statesmanship
National economy
-Performance
-Administration’s actions since 1971
-Phases
-Controls
-Prices
-Grocery prices
-Family budget
-Effect on low-income people
-President’s reasoning
Labor-Management Advisory Committee
-Work with administration
-President’s position on arbitration
-1959 strike
-Australia
-Voluntary participation
-Australia
-Management-labor talks
-Committee’s suggestions
-Need for popular reassurance
-1971
9
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/08)
-Recession and inflation
-Effect of administration’s actions
-Economic growth
National economy
-Boom and inflation
-Administration goals
-Inflation
-Jobs
-Brennan’s view
-Effect on economy
-President’s anti-inflation program
-Administration’s goals
-Employment
-Price controls
-Cost of Living Council
-Administration’s goals
-Employment
-Economic growth
-Inflation
-President’s actions
-Work of committee
The President left at 4:13 pm
[Unintelligible]
Recording ends at an unknown time before 9:10 pm
10
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/08)