Conversation: 670-005
Prev: 670-004 Next: 670-006Start Date: 14-Feb-1972 9:12 AM
End Date: 14-Feb-1972 10:02 AM
Participants:
Nixon, Richard M. (President); Ehrlichman, John D.; Shultz, George P.;Recording Device: Oval Office
Full Tape Conversation Start Time: 00:16:27
Full Tape Conversation End Time: 01:05:27
NARA Description:
On February 14, 1972, President Richard M. Nixon, John D. Ehrlichman, and George P. Shultz met in the Oval Office of the White House from 9:12 am to 10:02 am. The Oval Office taping system captured this recording, which is known as Conversation 670-005 of the White House Tapes.
Nixon Library Finding Aid:
Conversation No. 670-5
Date: February 14, 1972
Time: 9:12 am - 10:02 am
Location: Oval Office
The President met with John D. Ehrlichman and George P. Shultz.
Arthur F. Burns meeting
-Convertibility
-Push by Burns
-Quadriad meeting
-Burns’s statement
-New York Federal Reserve bank
-Press
-Hobart Rowen
-International conference
-Suggested by Burns
-Convertibility
-Income policy
-Testimony
-Henry S. Reuss
-Convertibility
-Plan for the year
-Shultz’s call to Burns
-President’s instructions
-Letter to the President
-Possible problems with the budget
-Outlay
4
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 670-5 (cont.)
-Revenue sharing
-Congress
-Deficit
-Outlays
-Movement
-Withholding rates
-Talk with Shultz
-The President’s awareness and decision
-Shultz’s memorandum to Burns
-Shultz’s meetings with Burns
-Regularity
Economy
-Shultz’s view
-Condition
-Money supply
-Retail sales
-Remedies
-Monetary, fiscal policies
-Budget
-Retail sales
-Polls
-Sears and Roebuck
-Business style
-Shultz’s meeting with Gordon M. Metcalf
Burns
-Money supply
-Quadriad meeting
-October to December 1971
-New York bank
-Economy
-Burns’s optimism
-Money supply
-Convertibility
-Appointment
-Possibility of being mentioned by Burns
-Procedure
-Frederic V. Malek
-Proposed list
-Swearing in
5
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 670-5 (cont.)
-Secretary of Board of Governors of Federal Reserve Board [FRB] [Robert C.
Holland]
-Andrew F. Brimmer
-Possible removal
-Burns’s opinion
-State Department
-Brimmer’s level in the government
-St. Lawrence Seaway
-Convertibility, money supply
Economy
-1972
-Strong
-Expanding
-Burns
-Interest rates
-Money supply
-Return flow
-Europe
-Interest rates
Burns
-Quadriad meeting
-Possible last meeting
-Actions
-Money supply
-Meeting with President
-Timing
-John B. Connally
-Shultz
-Price Board and Wage Commission
-Jewish press
-Influence
-Incomes policy
-Convertibility
-Stock market
-Actions
-Concern from the President
-Israel
-FRB
-Appointment
6
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 670-5 (cont.)
-Malek
-Value-added tax [VAT]
-Revenue sharing
-VAT
-President’s memory
-Connally
-Rowen
-Story
-Shultz
-Herbert Stein
-Jewish press
-Relationship with the Administration
-National debt
-Stein’s speech
-Shultz’s reading
-Jews
-Henry A. Kissinger
-Herbert Stein
-Support for the President
-FRB
-Relationship with the Administration
-Economy
Milton Friedman
-Letters to Shultz
-University of Hawaii
-FRB
-Effect on economy
-Money supply
-FRB
-Policy
-Erratic direction
-Burns’s view
-Social unrest
-August 15, 1971 [New Economic Policy Program]
-Controls
-Freeze
-Prices
-Downward trend
-Public attitudes
-Money supply
7
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 670-5 (cont.)
-Lack of movement
-International money flow
-Freeze
-Tax cuts
-Closing gold window
-Freeze
-Louis P. Harris poll
-President’s instructions to Ehrlichman
-Domestic Council staff
-Donald H. Rumsfeld
-Raymond K. Price, Jr.
-Connally
-Rumsfeld
-Connally
-Cost of Living Council [COLC]
-Prices
-Wages
-Public opinion
-Possible lack of confidence
-Controls
-Stronger
-Possible Administration response
-C. Jackson Grayson’s statements
-Utilities
-Telephone company
-Expand
-Productivity rise
-Labor costs
-Burns’s actions
Burns meeting
-Ehrlichman’s presence
-Quadriads
Economy
-West Coast dock strike
-New York telephone strike
-Strike level
-Lowest in 15 years
-Dock strike
-Union Executive Board
8
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 670-5 (cont.)
-Settlement
-Harry Bridges
-Arbitration
-President’s view
-Revenue sharing
-Welfare reform
-Public confidence
-Shultz’s speech
-National Press Club
-Inflation
-Freeze
-Reasons
-Harris poll
-Public opinion
-Controls
-Removal
-Rumsfeld
-Program development
-Harris poll
-Concerns
-Farm prices
-Farm prices
-Government policies
-Control mechanisms
-Corn
-Cattle
-Beef
-Earl L. Butz
-Praise from Shultz
-Speech
-City people
-Chicago
-Opinions
-Issues
-Rhetoric
-Farm income
-Television networks
-Farm prices
-Attempt to control
-Middleman taxes
-Food prices
9
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 670-5 (cont.)
Chicago
-Shultz’s visit
-The President
-Public opinion
******************************************************************************
BEGIN WITHDRAWN ITEM NO. 3
[Personal Returnable]
[Duration: 21s ]
END WITHDRAWN ITEM NO. 3
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-The President’s record
-Public opinion of the President
-Television
-Radio
-Stance
-Favorable stature
-War
-Draft
-Economy
-President’s programs
-Apologetic reaction
-Welfare reform
-Revenue sharing
-Government reorganization
-Health program
-Press
-Administration reaction
-Confidence with the Administration
Issues
-Busing
-Highlighting the Administration’s accomplishments
10
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 670-5 (cont.)
-Revenue sharing
-Cities
-Housing
-Reaction
-Ehrlichman
-Russell B. Long
-President’s talk to Connally, Long
-Thomas C. Korologos
-Wallace F. Bennett
-Ehrlichman’s upcoming conversation with Long
-Shultz
-Connally
-Columns
-Burns
-Congressman
-Senators
-Unknown New Yorkers
Economy
-Wage and price controls
-Rumsfeld
-Staff meeting
-Meat imports
-Statements
-View
-Meeting
-Ehrlichman
-Connally
-Stein
-Connally
-COLC
-Shultz
-Connally
-Location
-Stein
-Shultz’s forthcoming talk
-Connally
-Shultz’s forthcoming talk
-Public appearances
-White House staff
-Shultz
11
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 670-5 (cont.)
-Similarities to Connally
-Controls
-Talk with the President
-Pay Board and Price Board
-Connally’s view compared to Burns’s view
-Price Board
-Longshoremen settlement
-Pay Board
-Teamsters
-Wage increases deferred
-April 1972
-Chicago local
-Pay Board standard
-Possibility of strike
-Transportation system
-Pay Board
-Toughness questioned
-Frank E. Fitzsimmons
-Arnold R. Weber
-Longshoremen and the Teamsters
-Controls
-Meeting
-After People’s Republic of China [PRC] trip
-Strategy to be developed
-Possible attendance
-Shultz
-Stein
-Connally
-Rumsfeld
-Long
-Shultz to organize
-Burns
-Cabinet officers
-Pay Board
-Weber
-Usefulness
-Off the record meeting
-No publicity
-President’s instructions
-Attendance
-Connally
12
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 670-5 (cont.)
-Rumsfeld
-Stein
-Shultz
-Ehrlichman
Busing
-Meeting
-John G. Tower
-Recent call
-Omission
-Amendment
-Texas
-Senate
-Ehrlichman’s upcoming talk with Tower
-Ehrlichman’s colleagues
-Amendments
-Key attendees
Economy
-Meeting
-Low key
-Connally
-Location
-Talk with Shultz
-Timing
-Burns meeting
-Meeting with Ehrlichman
-Controls
-Elimination
-Stimulation
-Status of economy
-Vice President Spiro T. Agnew
Ehrlichman and Shultz left at 10:02 am.