Nixon White House Tapes › Tape 6 › Conversation 006-007

Nixon phone call with Shultz on Milton Friedman and Economic recovery

Monday, June 28, 1971 · 5:59 PM–6:01 PM ET · White House Telephone · 3 min

ParticipantsNixon, Richard M. (President); Shultz, George P.Conversation006-007 on Tape 6 (tape position 00:02:19–00:04:58)StartMonday, June 28, 1971 at 5:59 PMEndMonday, June 28, 1971 at 6:01 PMRecording deviceWhite House TelephoneSourceNixon Library record for 006-007 ↗

AI Summary

President Nixon and George Shultz discussed a memorandum from Milton Friedman regarding the state of the national economy. The conversation focused on Friedman’s optimistic outlook for economic recovery and his opposition to wage and price controls. They also reviewed the accuracy of preliminary Gross National Product (GNP) figures and the pending availability of revised statistical data expected in mid-July.

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Transcript (AI-generated)

This transcript was generated automatically by AI (WhisperX) and has not been reviewed for accuracy. Names and numbers are often wrong; speakers are not identified. Do not cite it as authoritative — verify against the audio and the finding aid.

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· Click a timestamp to play from that point; the page address then links to that moment (e.g. #t=125).
Yeah.
Mr. Schultz.
Yeah.
Yes, sir.
I was just reading the Freedman's, your memo on Freedman.
He still is, despite all the crepe hangers, is still sticking to his guns.
Well, on both sides, that is.
He thinks that the...
He thinks we have made progress on inflation, doesn't he?
Yes, but he thinks that the...
But if the money supply is...
He was thinking it so fast that...
We're going to have a hard time making much more, but he thinks that the recovery will come along.
The main point that I get out of his is that, well, apart from what I expected, his opposition to the wage price board, but the main point I get out of his whole thing is that he's still confident about the recovery.
He says there is one that's going on.
Yes, he is.
He feels there's, in other words, his term that there's a lot in the boiler.
Yeah.
And that it's just bound to start to...
start to turn over pretty soon, huh?
Yeah, that's right.
He, of course, his economic information is, statistical material is what he picks up in the papers.
He doesn't have, and I didn't feel I could sure pass on to him, the GNP figure, although that's been in the papers, so he knows more or less how that has come down.
You mean the first quarter?
Yeah, the 24, the 20 billion.
20 billion point four.
Yes, 20.4 that we had.
But that's his view.
When will that be final?
When will that 20.4 be final?
In about the middle of July, we'll have a complete go-through of the entire year level and also their preliminary one for the second quarter.
Now, they'll then have more information about May sales and June sales a little bit and additional information.
Additional information.
But this is just the first rough cut, basically, isn't it?
Yes, sir, that's right.
Although they don't often change it a great deal.
Well, they changed the first quarter.
They changed the first quarter.
And there have been some things since then on the first quarter that could change it up some more, although I understand there's another one that more or less cancels it out, so it's likely to stay just about where it was.
And how about the second quarter?
Well, we don't know.
Well, it's sort of the late May and June sales picture and inventory pictures will make a difference there.
Okay, thanks, George.
Yes, sir.

NARA Description

On June 28, 1971, President Richard M. Nixon and George P. Shultz talked on the telephone from 5:59 pm to 6:01 pm. The White House Telephone taping system captured this recording, which is known as Conversation 006-007 of the White House Tapes.

Nixon Library Finding Aid

Conversation No. 6-7

Date: June 28, 1971
Time: 5:59 pm - 6:01 pm
Location: White House Telephone

The President talked with George P. Shultz.

[See Conversation No. 531-19A]

     Shultz's memo on Milton Friedman
          -Friedman's views on national economy
          -Inflation
          -Money supply
          -Wage and price controls
                -Wage-price board
          -Economic recovery
          -Statistical information
                -May and June 1971 retail sales figures
          -Gross National Product [GNP] figure

     GNP figure
         -Calculations
         -Changes

Also recorded on June 28, 1971

  • 006-006 5:58 PM · 6 sec — President Richard M. Nixon and the White House operator talked on the telephone at 5:58 pm.
  • 531-017 5:58 PM · 55 sec — President Richard M. Nixon, Manolo Sanchez, and Stephen B. Bull met in the Oval Office of the White House at 5:58 pm.
  • 531-018 5:58 PM · 10 sec — President Richard M. Nixon and the White House operator met in the Oval Office of the White House at 5:58 pm.
  • 531-019 5:59 PM · 15 min — President Richard M. Nixon, H. R. ("Bob") Haldeman, and George P. Shultz met in the Oval Office of the White House from 5:59 pm to 6:15 pm.
  • 006-008 6:45 PM · 6 sec — President Richard M. Nixon and the White House operator talked on the telephone at an unknown time between 6:45 pm and 6:47 pm.
  • 531-020 6:45 PM · 4 sec — President Richard M. Nixon and the White House operator met in the Oval Office of the White House at an unknown time between 6:45 pm and 6:47 pm.
  • 531-021 6:46 PM · 3 sec — President Richard M. Nixon and Stephen B. Bull met in the Oval Office of the White House at 6:46 pm.
  • 006-009 6:47 PM · 3 min — President Richard M. Nixon and Clark MacGregor talked on the telephone from 6:47 pm to 6:50 pm.

All 69 conversations from June 28, 1971 →

Cite this conversation

Conversation 006-007, June 28, 1971. White House Tapes, Richard Nixon Presidential Library and Museum, National Archives. Audio and AI transcript via Easy Nixon, https://www.easynixon.org/tapes/006-007 (accessed October 9, 2026).