Nixon White House Tapes › Tape 7 › Conversation 007-019

Nixon phone call with Connally on Arthur Burns and Federal Reserve

Wednesday, July 28, 1971 · 5:41 PM–5:43 PM ET · White House Telephone · 2 min

ParticipantsNixon, Richard M. (President); Connally, John B.Conversation007-019 on Tape 7 (tape position 00:47:21–00:49:37)StartWednesday, July 28, 1971 at 5:41 PMEndWednesday, July 28, 1971 at 5:43 PMRecording deviceWhite House TelephoneSourceNixon Library record for 007-019 ↗ · National Archives Catalog, NAID 417189327 ↗

AI Summary

President Nixon and Secretary of the Treasury John Connally discussed a strategy to exert political pressure on Federal Reserve Chairman Arthur Burns regarding monetary policy. Connally reported that their coordinated 'tactic' of feigning ignorance had successfully gotten Burns' attention and prompted a shift in his outlook. They agreed to maintain pressure while maintaining a posture of plausible deniability, with Connally planning to press Burns for more positive public statements during a future meeting.

Audio

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NARA Description

On July 28, 1971, President Richard M. Nixon and John B. Connally talked on the telephone from 5:41 pm to 5:43 pm. The White House Telephone taping system captured this recording, which is known as Conversation 007-019 of the White House Tapes.

Nixon Library Finding Aid

Conversation No. 7-19

Date: July 28, 1971
Time: 5:41 pm - 5:43 pm
Location: White House Telephone

The President talked with John B. Connally.
                                               11

                          NIXON PRESIDENTIAL MATERIALS STAFF

                                       Tape Subject Log
                                         (rev. 10/08)



[See Conversation No. 550-3C]

     Federal Reserve Board [?]
          -Propose changes [?]
               -Effect
               -Wright Patman
               -Arthur F. Burns’ call [to Alan Greenspan?]
                     -Politics                                 Conv. No. 7-19 (cont.)
               -Ronald L. Ziegler
               -Connally's meeting with Burns
                     -Propose effect

     The President's schedule
          -George P. Shultz meeting
               -Connally meeting
                      -Senators
                           -Location

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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Yeah.
Secretary Connolly, Mr. President.
Yes, sir.
I thought you should know, as I'm sure you heard, that your little tactic you suggested got home to our friends across the street.
Well, that's good.
I'll tell you.
And it's a very interesting thing.
And we, of course, have said, oh, gee, who us?
And no, we don't know anything about this.
But Wright Patman stepped up to it right nice.
He'd been for that anyway.
That's right.
But Arthur is called our friend in New York...
who's very close to us, indicated his concern.
And he's just been told that we feel that this is hurting us politically and that otherwise and so forth and so on.
Well, he doesn't want to do that.
He didn't dream that was the case and so forth and so on.
But I think that we've got his attention.
Now, we've, of course, Zig, we're all the rest of us.
I mean, I'm not saying a word, but he's just playing the view that, well, this is something we know nothing about.
But I thought you should know, just play it, and then you can just play it dumb as hell, too.
Yeah, I will in the morning.
I'm having breakfast with him, so I'll play it dumb.
I think you could just say, well, these things have been, you know, these things are always kicking around, Arthur, but...
You never heard me mention it.
Yeah.
Isn't that the best way?
I think so.
Whatever comes to your mind.
No, I think that's fine.
But in the meantime, don't let up on him.
Oh, no.
I don't understand.
Yes, sir.
Because we've got to have some way to get him to say, if he says, what can he do, you say, just make one positive statement.
He just ought to say,
I mean, as far as this, I mean, that there are some positive things happening, because there are some as well as some things that are not positive.
That's right.
Okay.
George is on his way over there, incidentally.
I see.
You apparently called for him, and he was in the meeting, and I think he's headed toward your office.
Oh, well, I didn't mean to call him out of a meeting.
Well, we haven't started yet.
We're meeting with all these senators over here.
Oh, I see.
In the library at the mansion.
Oh, you are?
Oh, I'll send him back.
Fine, fine.
No, I can't hurry.
Fine, I'm sorry.
I didn't know you were in a meeting.
No, no, we weren't.
They're just all having drinks.
All right, fine, fine.
Okay, great.

Also recorded on July 28, 1971

  • 549-026 4:54 PM · 11 sec — President Richard M. Nixon and Manolo Sanchez met in the Oval Office of the White House at an unknown time between 4:54 pm and 4:58 pm.
  • 550-001 4:58 PM · 19 min — President Richard M. Nixon, H. R. ("Bob") Haldeman, and Stephen B. Bull met in the Oval Office of the White House from 4:58 pm to 5:16 pm.
  • 550-002 5:16 PM · 38 sec — President Richard M. Nixon and H. R. ("Bob") Haldeman met in the Oval Office of the White House at 5:16 pm.
  • 550-003 5:16 PM · 58 min — President Richard M. Nixon, H. R. ("Bob") Haldeman, Alexander P. Butterfield, John D. Ehrlichman, White House operator, John B. Connally, George P. Shultz, Manolo Sanchez, and William P. Rogers met in the Oval Office of the White House from 5:16 pm to 6:22 pm.
  • 007-020 5:43 PM · 6 sec — President Richard M. Nixon and the White House operator talked on the telephone at an unknown time between 5:43 pm and 6:04 pm.
  • 007-021 6:04 PM · 15 min — President Richard M. Nixon, William P. Rogers, and H. R. ("Bob") Haldeman talked on the telephone from 6:04 pm to 6:19 pm.
  • 007-022 6:19 PM · 5 sec — President Richard M. Nixon and the White House operator talked on the telephone at an unknown time between 6:19 pm and 8:42 pm.
  • 550-004 6:21 PM · 2 min — United States Secret Service agents met in the Oval Office of the White House at an unknown time between 6:21 pm and 6:40 pm.

All 39 conversations from July 28, 1971 →

Cite this conversation

Conversation 007-019, July 28, 1971. White House Tapes, Richard Nixon Presidential Library and Museum, National Archives (NAID 417189327). Audio and AI transcript via Easy Nixon, https://www.easynixon.org/tapes/007-019 (accessed October 28, 2026).