Conversation: 551-011
Prev:  551-010 Next: 551-012Start Date: 29-Jul-1971 1:01 PM
End Date: 29-Jul-1971 1:48 PM
Participants:
Nixon, Richard M. (President); Shultz, George P.; Recording Device: Oval Office
Full Tape Conversation Start Time: 04:17:00
Full Tape Conversation End Time: 05:04:35
NARA Description:
On July 29, 1971, President Richard M. Nixon and George P. Shultz met in the Oval Office of the White House from 1:01 pm to 1:48 pm. The Oval Office taping system captured this recording, which is known as Conversation 551-011 of the White House Tapes.
Nixon Library Finding Aid:
Conversation No. 551-11 Date: July 29, 1971 Time: 1:01 pm - 1:48 pm Location: Oval Office 30 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/08) The President met with George P. Shultz. The President's July 29, 1971 schedule -Congressmen -Ambassadors -Distributive Education Clubs of America [DECA] -John G. Tower, William D. Eberle, Martin C. (“Marty”) Anderson -Amount of time Conv. No. 551-10 (cont.) Economy -John D. Ehrlichman -Announcements -Leading indicators -Reason for decrease -Previous month's housing permits -Industrial materials prices -Indicator of expansion -July 28, 1971 event with Republican leaders -Dwight D. Eisenhower analogy -Carl B. Albert -Health -George H. Mahon Steel industry -Offer -I[lorwith] W. Abel -Cost-of-living escalation issue -J. Curtis Counts -Possible action by Shultz -Strike prospects -Steel strike deadline -Momentum -Management offer -Wage offer -Administration's option Economy -Statistics -Inflation -Recent trends -1968, 1970, 1971 -Gross National Product [GNP] and Consumer Price Index [CPI] -Arthur F. Burns’ comments 31 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/08) -Progress -Shultz's conversation with Republican Senators -Options on wages and prices Railroad industry -Willie J. Usery's trip to Cleveland -Meeting with Charles Luna -Prospects of negotiated settlement Conv. No. 551-11 (cont.) -Possible meeting of the President and railroad management and labor leaders -Format -Postal Service meeting precedent -Option -Legislation -Emergency Board recommendations -Commerce Department -Luna's comments about Congress -Work-rules issue -Administration stance -Precedent -Management Airline industry -Legislative action Automobile industry -Profits -General Motors [GM] Productivity Commission -Scheduled meeting -Possible statement by the President -Time magazine article -Effectiveness of commissions -Budget International monetary issues -Treasury Department proposals -Cessation of gold convertibility -Dollar exchange rate float -Wage-price controls -Options -The President's conversation with John B. Connally 32 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/08) -Peter G. Peterson -Timing of possible action -September, August -Forthcoming International Monetary Fund [IMF] meeting -Options -Treasury, Council of Economic Advisors [CEA] -Presidential action -Paul A. Volcker Conv. No. 551-11 (cont.) The economy -Wage and price freeze -President’s conversation with Connally -Timing -Effect -Implementation separately or as part of package -Export rebates -Import tax -Peterson -Gold convertibility -Paul W. McCracken -Dollar float -Impact on jobs -Political effect -Action options -Connally, McCracken, Volcker, Peterson -Volcker -Recommendations -Viewpoint -Burns -Congressional action -Volcker -Judgment -GNP -Second quarter figures -Retail sales figures -Unemployment figures -Wholesale price index -International issues -Sensitivity -Gold convertibility -Paperwork -Unemployment 33 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/08) -June 1971 figures -Unadjusted figures -January 1970, May 1971, June 1971 -Seasonal adjustment -Unadjusted figures -Method of compilation -Comments -Pierre Rinfret Conv. No. 551-11 (cont.) -Economic trends -Rinfret's forecast -McCracken’s presentation -Alan Greenspan Budget -Defense Department -Coordination -Henry A. Kissinger -Office of Management and Budget [OMB] -Role -Kissinger -Defense Department staffing, funding and management -Navy -Air Force -Army -Post-1972 election action -Intelligence agencies -Caspar W. (“Cap”) Weinberger -Kissinger -Attitude -Staff -Central Intelligence Agency [CIA] -Defense Intelligence Agency [DIA] -Forthcoming meeting request -General budget -Cuts -Balanced budget -Government workers -Increase in average salary (grade) levels -Effect of cuts of federal agencies -Personnel costs -Minority business enterprises -Work with Maurice H. Stans 34 NIXON PRESIDENTIAL MATERIALS STAFF Tape Subject Log (rev. 10/08) -Handling -Timing -Supplementals -Fiscal year 1972 -Amount of income -Confidence of the public in the economy -Businessmen -Appropriations bills Conv. No. 551-11 (cont.) -Commerce Department -Agriculture Department -Health, Education and Welfare [HEW] Department -President's budget goals compared to Congressional action -Shift of defense appropriation -Congressional responsibility for budget increases -Revenue sharing versus responsible budgeting The President and Shultz left at 1:48 pm.