Conversation: 909-003
Prev: 909-002 Next: 909-004Start Date: 2-May-1973 8:44 AM
End Date: 2-May-1973 9:25 AM
Participants:
Nixon, Richard M. (President); Agnew, Spiro T. (Vice President); Shultz, George P.; Stein, Herbert; Burns, Arthur F.; Ash, Roy L.; Dunlop, John T.; Cole, Kenneth R., Jr.;Recording Device: Oval Office
NARA Description:
On May 2, 1973, President Richard M. Nixon, Vice President Spiro T. Agnew, George P. Shultz, Herbert Stein, Arthur F. Burns, Roy L. Ash, John T. Dunlop, and Kenneth R. Cole, Jr. met in the Oval Office of the White House from 8:44 am to 9:25 am. The Oval Office taping system captured this recording, which is known as Conversation 909-003 of the White House Tapes.
Nixon Library Finding Aid:
Conversation No. 909-3
Date: May 2, 1973
Time: 8:44 am - 9:25 am
Location: Oval Office
-6-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)
Conversation No. 909-3 (cont’d)
The President met with Spiro T. Agnew, George P. Shultz, Herbert G. Stein, Arthur F. Burns,
Roy L. Ash, John T. Dunlop, and Kenneth R. Cole, Jr.
Greetings
Quadriad
-Intellect
-Burns
-President’s conversation with David Rockefeller, May 1
Economic Stabilization Act
-President’s signing statement
-Stein’s memorandum
Meeting format
-Briefing on national economy
-Stein
-Recommendations
-Dunlop, Shultz
Inflation
-Gross national product [GNP]
-Forecasts
-Profits and output
-Food
-Effect of weather
-Wage increases
-Consumer Price Index
-Farm products
-Effects of weather
-Decline in prices
-Retail food prices
-Department of Agriculture [USDA] reports
-Wholesale prices
-Wholesale Price Index
-Timing of release
-Farming
-7-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)
Conversation No. 909-3 (cont’d)
-Field conditions
-Dryness
-Machinery
-Rain
-Cost of Living Council [COLC] meeting
-Donald A. Paarlberg’s remarks
-Corn crops
-Compared to wheat
-Wages
-Settlement
-Consumer Price Index
-Fiscal restraint
-Compared to monetary restraint
-Burns
Economic Stabilization Act
-May 3 decision
-Price control program
-Fiscal, monetary tightening
-Concern
-Prosperity
-18 months
-Phase III wage and price control program [Phase III]
-Pre-notification
-COLC
-30-day freeze
-Price increase compliance
-500 largest corporations
-1.5 percent price increase
-“Administrative device”
-Records retention by smaller companies
-Wage settlements
-Rubber industry
-General Electric
-Steel
-Meat packing industry
-Trucking industry
-8-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)
Conversation No. 909-3 (cont’d)
-Automobile industry
-September
-Pre-notification
-Compared to past practice
-Price increase
-Justification
-Wage settlements
-Meat packing industry
-Collective bargaining agreement
-Iowa Beef
-Strike
-Willie J. Usery
-Extensions
-Effect on Armour-Swift negotiations
-Strike
-Usery
-Unions’ restraint
-Relative wages
-Impact of stabilization program, 1971-1973
-Compared to 1967-1970
-Industrial relations
-Steel industry
-International trade
Budget deficits
-Receipts estimate
-Announcement
-Compared to outlays
-Savings
-Legislation
-Medicare payments
-Interest on national debt
-Congress
-President’s budget proposal
-Defense Department budget
Economic Stabilization Act
-9-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)
Conversation No. 909-3 (cont’d)
-Phase III
-Effect on prices, psychology
-Cost of administration
-Wage-and-price freeze
-Temporary effects
-Consequence
-Price increase
Fixed capital investment
-Growth and stagnation
-Possible recession
-Variable investment tax credit
-Purpose
-Congress
-Perception of tax increase
-Wilbur D. Mills’s opposition
-Conversation with Shultz
-Democrats
Ways and Means Committee
-Hearing schedule and topics
-Shultz’s testimony
-Trade, taxes
Variable investment tax credit
-Stein’s interview
-Possible proposal
-Burns’s, Shultz’s testimony to Ways and Means Committee
-Politics compared with economics
-Possible impact
-Ways and Means Committee’s schedule
-Mills
-Burns’s consultation with Mills
-Timing of legislation
-Restraint and stimulus
-Burns’s consultation with Mills
-Confidential talks
-10-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)
Conversation No. 909-3 (cont’d)
-Speculation
-[Unintelligible name]
-Capital investment
-Tax credit
-Investment boom
-President’s assessment
Forthcoming statement on Phase III
-Preparation
-President’s role, Stein’s role
-Mildred Stein [?]
President’s schedule
-Labor-Management Advisory Committee meeting
-Wage agreements
-Steel industry
-Rubber industry
-I. W. Abel and R. Heath Larry
-Frank E. Fitzsimmons
-Contract
-National Commission of Industrial Peace
-George Meany
-Absence
-Florida
-David L. Cole
-Attendance
-National Commission for Industrial Peace
-Joint chairman
-Industrial peace
-Abel and Larry
-Steel pact
-Schedule
-Department of the Treasury
-President’s arrival
-Duration
-Progress of group
-11-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)
Conversation No. 909-3 (cont’d)
President’s conversation with Willy Brandt
-Great Britain
-Underemployment
-England compared with Japan, Germany
-Labor problem
-Union solidarity, strength
-Compared to US
Edward R. G. Heath
-Leadership
-Popularity
-People
-Unions
Great Britain
-US interests
Phase III
-Dunlop’s briefing
National economy
-Boom and inflation
-Compared to recession and inflation prior to August 15, 1971
-Goals of actions
-Employment figures
Trustworthiness
President’s schedule
-Possible Quadriad meeting
Agnew et al. left at 9:25 am.
-12-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Tape Subject Log
(rev. October-2012)