← 007-121007-123 →

Conversation 007-122

TapeTape 7StartSunday, August 15, 1971 at 9:46 PMEndSunday, August 15, 1971 at 9:50 PMTape start time04:26:03Tape end time04:30:02ParticipantsNixon, Richard M. (President);  Connally, John B.Recording deviceWhite House Telephone
AudioNARA Description

On August 15, 1971, President Richard M. Nixon and John B. Connally talked on the telephone from 9:46 pm to 9:50 pm. The White House Telephone taping system captured this recording, which is known as Conversation 007-122 of the White House Tapes.

Nixon Library Finding Aid
Conversation No. 7-122

Date: August 15, 1971
Time: 9:46 pm - 9:50 pm
Location: White House Telephone

The President talked with John B. Connally.

     Wage-price freeze speech
         -Connally's reaction
               -Effectiveness
               -Paul A. Volcker
               -Ronald L. Ziegler's office
                     -Television networks
                           -Columbia Broadcasting System [CBS]
                                -Robert Pierpoint
                                -Daniel Schorr
         -International economics
               -Public understanding
                     -Press
                           -Wage-price lead
         -Connally press conference
               -The President's talk with H. R. (“Bob”) Haldeman
               -Timing
               -Wall Street
         -International monetary factor
         -Peace
         -Jobs
         -Connally's press briefing
               -Ziegler
               -Haldeman
               -Wage-price freeze
               -International economy
         -Psychology
         -Connally's reaction
         -Burden sharing
                                               77

                          NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                        (rev. 10/08)
Transcript (AI-Generated)

This transcript was generated automatically by AI and has not been reviewed for accuracy. Do not cite this transcript as authoritative. Consult the Finding Aid above for verified information.

I have secretary Conley.
All right.
Hello?
Mr. President, you did a great job.
Well, the baby's born.
Well, that's great.
I hope I didn't say anything that would embarrass you.
No, sir.
I thought it was wonderful.
I thought it was great.
I'd like my little comment about that the dollar will not be a hostage of international... That I thought of last night at 3 o'clock in the morning.
I thought it was good, and I wrote it down.
Well, it was worth staying up all night for.
I thought that was the best line in it.
Well, I thought you'd love that one.
Yeah, I really did.
But as a matter of fact, if I'd had a little more time, I could have done it a little more polished way.
Oh, you did a beautiful job on it.
I really thought it was great.
I thought it was a very fine, effective speech.
You shook up Pierre Paul Fletcher.
We're in here, Paul Volcker.
Where are you?
I'm at Treasury now.
Oh, yeah, yeah, yeah.
I just walked over here.
Yeah.
I sat in Ron's office and watched you on three sets, and I watched CBS in particular, and they did a fine job for you.
Bob Pierpont and Daniel Shore, they just said this is the domestic visit to pay keys.
They just... Well, that's good.
Yeah, it really is.
They did a fine job.
Yeah, the main thing is that the average person doesn't understand the international monetary system, but he will understand that this is something dramatic.
Oh, he sure will.
And the press is labeling it bad.
I saw a few of the... Have you?
What are they saying?
What did you say?
The lead is the wage price thing.
And then they go on.
That's good.
That's the best lead.
And they say it's far-reaching, it's sweeping changes, it's a dramatic move, and so forth.
I think you're going to really be pleased with the lead in the story.
Are you going to do the thing, the press tomorrow, the press conference or not?
Yes, sir.
Good.
Great.
But now, incidentally, I told Holloman, the one thing about that is do it on live television if you want, but if it inhibits you in any way.
Oh, it won't inhibit me.
Well, that's good.
That's the best thing.
You get between 7 and 10 million listens that hour, but if it does, then you just go on the news thing.
The best thing is to have live television.
But if you're going to do it, announce it at 9 o'clock in the morning, and then everybody in Wall Street will be listening.
See what I mean?
You're sure they know.
Well, congratulations.
I thought the speech was wonderful.
I just thought it was a very fine way to present the problem in a very complex way.
You know that I put it...
I tried to...
I mean, I know that some of the fellows thought I should have led off with international money.
No, no, no.
Nobody understands that.
I led off with peace, jobs.
That's right.
Don't you agree?
Yes, sir.
No question.
Because in all the... See, I did the press briefing at 7.30.
I know you did.
I went at 8.15.
And all their questions... How'd it go?
Fine.
I think Ron will give you a better, more objective analysis, but I thought it went very well.
All of it, sir.
It went very well.
And they led on the wage and price thing, and then on the international monetary thing.
That's what they hung on those two things.
Because they use big leads, but wage and price freeze is a big lead.
Well, John, it wouldn't be done without you, by gosh.
Well, Mr. President, you showed... You've got a lot of guts.
You showed rare courage.
You showed great insight into the problems of this country.
I just...
But the main thing is we've got to get the psychology to come through.
That's right.
Well, I... You know, the last part was...
I spent a lot of time on that one.
Sort of the idea that people have ran down this damn country 200 years ago.
And isn't that the important thing?
The spirit's got to return.
That's right.
Well, I just couldn't have been more pleased.
I just really... And when you talk about...
you're going to fight for this country, that you're going to make this country respected, you're going to make this country strong.
I just... You notice I got in your line about burden sharing.
Yes, sir.
Yes, sir.
Yes, sir.
Okay.
I think that's great.
I really do.
Well, if we gave them $143 billion, they've got to get off their ass and help us.
Now, that's what the people are going to remember, too.
If they did it and said it was right, they've got to help us now.
Good.
All right.
Couldn't be more pleased.
Congratulations.
Thank you.
← 007-121007-123 →