Conversation: 503-016
Prev: 503-015 Next: 503-017Start Date: 21-May-1971 3:40 PM
End Date: 21-May-1971 5:26 PM
Participants:
Nixon, Richard M. (President); Stein, Herbert; Shultz, George P.; Connally, John B.; Burns, Arthur F.; Sanchez, Manolo; Bull, Stephen B.;Recording Device: Oval Office
Full Tape Conversation Start Time: 02:56:00
Full Tape Conversation End Time: 04:19:19
NARA Description:
On May 21, 1971, President Richard M. Nixon, Herbert Stein, George P. Shultz, John B. Connally, Arthur F. Burns, Manolo Sanchez, and Stephen B. Bull met in the Oval Office of the White House from 3:40 pm to 5:26 pm. The Oval Office taping system captured this recording, which is known as Conversation 503-016 of the White House Tapes.
Nixon Library Finding Aid:
Conversation No. 503-16
Date: May 21, 1971
Time: 3:40 pm - 5:26 pm
Location: Oval Office
The President met with Herbert Stein, George P. Shultz, John B. Connally and Arthur F. Burns.
General conversation
US economy
-Recovery
-Forecasts
31
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
-Unemployment
-Inflation
-Consumer Price Index [CPI]
-Retail sales
-April, May
-Forecasts
-Unknown person
-Wholesale price index Conv. No. 503-15 (cont.)
-Mortgage interest
-CPI
-Gross National Products [GNP] calculations
-National income calculations
-Unemployment
-Price increases
-Response of American people
-Inflation
-George Meany
-Lunch with Burns
-Support of President
-Labor support of President
-Prize freeze
-Review board
-Negotiations
-Regulations
-Lifting
-Timing
-Prices
-Interest rates
-Housing starts
-Food prices
-Non-food commodities
-Economic policy
-Commodities
Manolo Sanchez [?] entered at an unknown time after 3:40 pm.
Iced tea
Sanchez [?] left at an unknown time before 5:22 pm.
US economy
-Agriculture
32
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
-Drought
-State of economy
-Rate of inflation
-CPI
-Construction business
-Price controls
Steel industry
-Labor Conv. No. 503-16 (cont.)
-Strikes
-Management’s attitude
-Quotas
-Government intervention
-Rate increase
-Tariff
-Relief
-Moral persuasion
-Labor
-Government intervention
Construction industry
-Figures
-Productivity
-Unemployment
-Labor union
-James D. Hodgson
Steel industry
-Strike
-Timing
-Collective bargaining
-Posture
-Compared to past negotiations
-John N. Mitchell
-President’s role
-Work rules
-Compared to railroads
-Productivity
-Work rules
-Piece work
-Effect on productivity
-Conrad Cooper
-Productivity commission
33
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
-Work rules
Labor unions
-Work rules
-Construction
-Railroads
Steel industry Conv. No. 503-16 (cont.)
-Negotiations
-Intervention
-President’s role
-Effect on the country
US economy
-Prices
-Increases
-Stein, Shultz opinions
-Controls
-Price indexes
-Burns statement
-Price controls
-Meany
-Employment
-Office of Price Administration [OPA]
-Burns
-Timing of initiating
-Steel industry
-Hodgson
-Foreign production compared to US production
-Effect on labor management relations
-Japanese labor
-Possible Presidential statement
-Television
-Educational networks
-Prime-time
-William L. Safire
-Peter G. Peterson
-Competition with rest of world
-Burns
-Audience
-Educational television
-Stein
34
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
-Content of President's remarks
-Visual aids
-Radio talks
Budget
-Forthcoming budget session
-Peterson, Connally, and the President
-Discussion of goals Conv. No. 503-16 (cont.)
Financial markets
-Expansion
-Fluctuations
-Peter M. Flanigan
-Future
-Burns
-Expansion
-Democratic economists
-Walter E. Heller
-Paul A. Samuelson
-Unemployment
-Inflation
-Deficit
-Fiscal 1971
-Outlays
-Fiscal 1972
-Revenue
-Tax returns
-Social Security
-Deficit
-Fiscal 1971
-Fiscal 1972
-Appropriations
-Social Security
-Welfare Reform Bill
-Social Security
-Gross National Product [GNP]
-Social Security
-Tax returns
-Depreciation
-Outlays
-Welfare Reform Bill
-Medicare
-Cost savings
35
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
-President's budget
-Congress
-Appropriations
-Education bill
-Deficit
-Inflation
-President's budget
-Revenue sharing Conv. No. 503-16 (cont.)
-Strategy for getting President's budget through Congress
-Compared to Fiscal 1971
-Fiscal 1973 budget
-Taxes
-Budget deficit
-Public perception
-Administration’s strategy
-Implications
-Economic plans
-Prize freezes
-Wage freezes
US economy
-Expansion
-Projections
-Full employment revenues
-1971
-1972
-Congress
-Appropriations bills
-Timing
-Opposition party
-Strategy
-Deficit spending
-Fiscal policy
-Jobs
-Deficit spending
-Public awareness
-Full employment budget
-Stein
-Developing a plan of action
-Fiscal policy
-Economic stimulation
-Inflation
36
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
-Congress
-Social Security
-Council of Economic Advisors [CEA]
-Congress
-Public awareness
-Press
-Social Security increases
-Public awareness Conv. No. 503-16 (cont.)
-Benefits
-Costs
-Blacks
-Poor
Automobile industry
-John A. Volpe
-Airbags
-Price of automobiles
-Bicycles
Monetary policy
-Banker's meeting
-Burns
-George W. Mitchell, James Dewey Daane, Paul A. Volcker, Connally
-Paul Grover
-Congress, Treasury Department
-International Bankers Association
-Europe
-US
-Congress
Economic policy
-Connally’s role
-Secretary of State’s role
-CEA
-Secretary of Labor
-Secretary of Treasury
-Coordination of economic policy
-Connally
-Connally's plan
-Secretary of Treasury
-CEA
-Economic spokesman
37
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
-Secretary of Treasury
-Role of CEA
-Stein
-Paul W. McCracken
-Shultz
-Strategy
-Europeans
-Knowledge of US foreign policy Conv. No. 503-16 (cont.)
-CEA
-Shultz
-Maurice H. Stans
-Hodgson
-Plan
-Burns
-Connally
-Meetings of the Quadriad
Stephen B. Bull entered at an unknown time after 3:40 pm.
President's schedule
-Forthcoming meeting with Robert D. Murphy
-Kissinger’s conversation with Murphy
-People's Republic of China [PRC]
Bull left at an unknown time before 5:22 pm.
Economic policy formation
-Purpose of meeting of Quadriad
-Secretaries of Commerce, Labor, Agriculture, Housing
-H. R. (“Bob”) Haldeman
-Hodgson
-Stans
-Foreign policy formation
-William P. Rogers
-"Meet the Press"
-Kissinger
-Backgrounder
-President's role
-Role for Connally
-Press
-Role for President
-Role for Connally
38
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
Monetary policy
-Burns meeting with unknown banker
-Upcoming meeting in Europe of central banks
-President's meeting with Connally, May 20, 1971
-US policy
-Strength
-Fiscal policy restraints Conv. No. 503-16 (cont.)
-Education Bill
-Productivity
-Governors
-Balance of payments
-International monetary policy
-Willy Brandt
-West Germany
-Unemployment
-US economic policy
-International monetary system
-Balance of payments
-US domestic economy
-Relationship to European economies
-1970
-President's visit to Europe in February, 1969
-US economic policy
-Inflation
-[James] Harold Wilson's Cabinet
-Effect of US economy
-Japan
-International money markets
-Interest rates
-Federal Reserve Board
-Effect of steel strike
-Strength
-Confidence
-Price of gold
-Rogers
-Possible increases
-Previous crisis
-The Hague
-Central bankers
-International monetary meeting
-Foreign policy
39
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
-Strategic Arms Limitation Talks [SALT]
-Compared with international monetary policy
-Dutch, Belgians, Germans, British
-US leadership
-Clarifying US policy
-Possible changes in international monetary system
-Brandt
-Germans Conv. No. 503-16 (cont.)
-US policy
-International monetary affairs
-Connally
-Swiss currency
-Austrian currency
-Dutch currency
-Germany currency
-Icelandic currency
-Inflation
-Gold
-Burns and George W. Romney
-US Reserves
-Price
-Revaluing
-Foreign debt
-Malaysia
-Gold request
-Burns
-Connally
-Poker
**********************************************************************
BEGIN WITHDRAWN ITEM NO. 3
[Personal returnable]
[Duration: 6s ]
END WITHDRAWN ITEM NO. 3
**********************************************************************
40
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
**********************************************************************
BEGIN WITHDRAWN ITEM NO. 4
[National Security]
[Duration: 2m 16s ]
US ECONOMIC POLICY WITH EUROPE Conv. No. 503-16 (cont.)
END WITHDRAWN ITEM NO. 4
**********************************************************************
President's schedule
-May 22, 1971
-Breakfast
Stein, Shultz and Connally left at 5:22 pm.
US International Monetary Conference
-Possible attendance
-French, British, Italians, US, Japanese
-Planning
-Price of gold
SALT announcement on May 20, 1971
-World War II
Burns’ statement
-Commerce
-President's assessment
-Connally's assessment
Burns left at 5:26 pm.