Conversation: 560-001
Prev: 559-025 Next: 560-002Start Date: 10-Aug-1971 4:14 PM
End Date: 10-Aug-1971 5:19 PM
Participants:
Nixon, Richard M. (President); McCracken, Paul W.; Stein, Herbert; Bull, Stephen B.; Shultz, George P.; White House photographer;Recording Device: Oval Office
Full Tape Conversation Start Time: 00:00:31
Full Tape Conversation End Time: 01:03:22
NARA Description:
On August 10, 1971, President Richard M. Nixon, Paul W. McCracken, Herbert Stein, Stephen B. Bull, George P. Shultz, and White House photographer met in the Oval Office of the White House from 4:14 pm to 5:19 pm. The Oval Office taping system captured this recording, which is known as Conversation 560-001 of the White House Tapes.
Nixon Library Finding Aid:
Conversation No. 560-1
Date: August 10, 1971
Time: 4:14 pm - 5:19 pm
Location: Oval Office
The President met with Paul W. McCracken, Herbert Stein, Ezra Solomon and George P. Shultz;
the White House photographer was present at the beginning of the meeting.
President's schedule
Photograph session
Dinner
Stephen B. Bull entered at an unknown time after 4:14 pm.
President's schedule
-Foreign policy briefing
-Henry A. Kissinger
Bull left at an unknown time before 5:19 pm.
National economy
-Council of Economic Advisers [CEA]
-Welcome to Solomon
-President’s recent talk with McCracken
-Memorandum
-Meetings
-Budget
-Budget
-Figure
-International monetary situation
-News leaks
-Proposed actions
-Closing gold window
-Confidentiality
-President’s forthcoming trip to People’s Republic of China
[PRC]
-John B. Connally
-Arthur F. Burns
-Wage and Price Board
2
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 560-1 (cont.)
-Stein and McCracken memoranda
-Possible implementation
-Timing
-Briefings
-Stein
-Mood of business community
-Pace of economy
-Retail sales
-Economic indicators
-Retail sales
-July 1971
-Compared to June 1971 and 1970
-Housing
-Consumer spending
-Inflation
-Federal Reserve Board [FRB] of New York
-Progress
-Trend
-Interest rates
-Mortgages
-Food prices
-Consumer Price Index [CPI]
-Forecast
-Controls
-Comparison with past figures
-1970 recession
-Trough
-July 1971
-November 1970
-Unemployment
-1954-55, 1960, 1958, 1961
-Retail sales
-Prices
-Housing
-November 1969 compared to July 1971
-Payroll employment
-1954-55
-Construction
-1960's, 1950's
-Prices
-Retail sales
3
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 560-1 (cont.)
-Personal income
-Assessment
-Money supply
-FRB
-Growth
-Figure
-Compared to 1970
-President’s recent press conference
-Inventories
-Manufacturing
-Retail
-Automobiles
-Manufacturing
-Steel
-Inflationary cycle
-Possible statement
-Timing
-Congress
-Possible Administration actions
-Stimulation of money supply
-Acceleration of personal income
-Tax exemption
-Investment tax credit
-Stimulation of economy
-Employment
-Speed
-Benefit
-Personal income
-Investment tax credit
-Effect on business and financial community
-Tax relief
-Treasury Department
-Political aspect
-Inflation
-Interest rates
-Auto industry
-Excise tax
-Revenue
-CPI
-Wage and Price Board
-Inflation
4
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 560-1 (cont.)
-Productivity commission
-Public relations aspect
-Inflation
-Feasibility
-Duration
-Political aspect
-Congress
-Public
-Economic expansion
-Employment
-Inflation
-Wage and price controls
-Public opinion
-Congress
-Permanence
-John Kenneth Galbraith
-Socialism
-Public opinion
-Selectivity
-Industries
-Construction
-Aerospace
-Garment
-Steel
-Strike settlement
-Cosmetic effect
-Construction industry
-Executive Order
-Davis-Bacon Act
-Market
-Union contractors
-Wage-price productivity matrix
-Relationship
-Profits
-Wholesale Price Index
-Productivity
-Possible wage and price freeze
-Scale
-Seasonal goods
-Clothing
-Bureaucracy
5
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 560-1 (cont.)
-Psychology
-Consumers
-Business
-Implementation
-Duration
-Effect on corporate prices
-Wages
-Aftermath
-Prices
-Demand
-Steel
-Follow-up program
-Wage and price board
Bull entered at an unknown time after 4:14 pm.
The President's schedule
-Foreign policy briefing
Bull left at an unknown time before 5:19 pm.
National economy
-Wage and price freeze
-Wage increases
-Labor
-Rules
-Exceptions
-Purpose
-Compared to wage and price board
-Guidelines
-Alternative
-Construction industry pattern
-Steel
-Development of plan
-Public mood
-Consumer psychology
-Surveys
-Retail sales
-Trough
-Decision makers
-Economists, writers
6
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 560-1 (cont.)
-Pessimism
-Stock market
-Business
-International situation
-Wages
-Unions
-George W. Romney speech
-Congress
-Possible Administration actions
-Cosmetic effect
-Wage and price spiral
-Consumers
-Business
-Investment
-Inventories
-Plant equipment
-Consumer spending
-Level
-Price
-Business psychology
-Profit margin
-Politics
-Consumer fear
-Inflation
-Feasibility
-Psychological effect
Economics
-Compared to politics
National economy
-Possible wage and price freeze
-Plan
-Leaks
-Selectivity
-Previous policy
-Deadline
-President’s schedule
-New York
McCracken, et al. left at 5:19 pm.
7
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 560-1 (cont.)