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Conversation 007-127

TapeTape 7StartSunday, August 15, 1971 at 10:03 PMEndSunday, August 15, 1971 at 10:05 PMTape start time04:40:37Tape end time04:42:21ParticipantsNixon, Richard M. (President);  Kennedy, David M.Recording deviceWhite House Telephone
AI Summary

President Nixon and David M. Kennedy discussed the strategic necessity of the recently announced wage-price freeze, agreeing that proactive executive action was essential to preempt adverse Congressional intervention. They reviewed the domestic and international economic pressures that necessitated the decision, noting that delaying the measure would have been politically and economically disastrous. The conversation concluded with Nixon encouraging Kennedy to travel to Europe to manage the international diplomatic fallout and reassure foreign partners.

Wage-price freezeEconomic policyInternational monetary systemCongressional relationsNixon Shock
AudioNARA Description

On August 15, 1971, President Richard M. Nixon and David M. Kennedy talked on the telephone from 10:03 pm to 10:05 pm. The White House Telephone taping system captured this recording, which is known as Conversation 007-127 of the White House Tapes.

Nixon Library Finding Aid
Conversation No. 7-127

Date: August 15, 1971
Time: 10:03 pm - 10:05 pm
Location: White House Telephone

The President talked with David M. Kennedy.

     Wage-price freeze speech
          -Kennedy's reaction
         -Congress
               -Wilbur D. Mills
         -International monetary issue
               -Kennedy's talk with John B. Connally and Paul A. Volcker
               -Charles Coombs (?)
               -Domestic issues
                     -Timing

     Kennedy's schedule
         -Cabinet meeting
         -Europe
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 Do not cite this transcript as authoritative.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.

Hello Dave, how are you?
Well, I think we had to do it, Dave.
You'll set us up for some of the other things that you and I know we're working on.
And also, if we hadn't done it today, the Congress would have forced us to do something the wrong way.
That's right.
We're going to do it the right way.
Well, Wilbur was pushing for that.
Right.
But apart from that, the international thing required the kind of action he took.
I talked to John Connolly and Colville.
Yeah, John told me.
Oh, yes, yes.
And I was glad that you went along with it.
It was a tough thing.
Well, it's not easy.
Combs was very much opposed to it.
But I just felt that they said, well, you might do your domestic things and all these other things would come into play.
But we might have to crisis next year.
So I said, bite the bullet now.
Let's do that.
Don't you agree?
If we had done that, we'd have to do the other later.
That would be murder later.
That's right.
This was the action that I had in mind.
Well, I appreciate it very much.
We'll have a talk.
You'll be at the cabinet meeting tomorrow?
Yes, I will.
Good.
I think that I may go over to Europe.
Oh, boy.
You may have to.
I know.
I know.
I thought I'd go over there.
Good.
You can hold their hand.
Yeah.
Good.
Very good.
Dave, good of you to call.
Thank you.
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