Nixon White House Tapes › Tape 7 › Conversation 007-142

Nixon phone call with Romney on New Economic Policy

Sunday, August 15, 1971 · 11:07 PM–11:10 PM ET · White House Telephone · 3 min

ParticipantsNixon, Richard M. (President); White House operator; Romney, George W.Conversation007-142 on Tape 7 (tape position 05:36:14–05:39:01)StartSunday, August 15, 1971 at 11:07 PMEndSunday, August 15, 1971 at 11:10 PMRecording deviceWhite House TelephoneSourceNixon Library record for 007-142 ↗

AI Summary

President Nixon and HUD Secretary George Romney discussed the administration's newly announced, bold economic program, commonly known as the New Economic Policy. Romney expressed strong support for the measures, including the ninety-day wage and price freeze, while Nixon clarified the mechanics of rent and dividend controls. The two men also addressed the potential public reaction to these policies and the administration's efforts to regain control over international monetary issues. Nixon concluded by instructing Romney to raise any remaining questions or concerns during the upcoming Cabinet meeting.

Audio

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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 Do not cite it as authoritative — verify against the audio and the finding aid.

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I'm having trouble reaching Mr. President and I have a moment.
Hello.
Hello George.
Mr. President.
How are you?
Well I feel better.
Okay.
I think that's a very bold program.
Of course, the aspects of it are incomplete, but you set up the work on those aspects.
Well, we're going to have a cabinet meeting tomorrow.
We shook them up a little.
Well, I think it's an immediate action.
When I say incomplete, I'm talking about the
Well, I think it's a very basically sound approach.
Incidentally, rents will be controlled under this, too, you know.
I see.
Well, that's going to be tough.
That's going to be tough.
But dividends, rents, dividends is voluntary.
Rents is compulsory, yeah.
Well, I congratulate you because it's a bold program and a very comprehensive one.
Well, in the morning, raise any questions that you like because you want to get at them and start fighting for it.
Of course, it also sets up the procedure to deal with the international situation.
Oh, boy, we've got them where we need to find the driver's seat again.
Right.
Well, I feel better because I think on this basis we may be able to hold those in the state.
That would be very helpful.
Thank God.
I hope so.
Interest rates, incidentally, were highly problematic, we'll say.
As you know, the problem there, if we froze them, then people would not make fun of other reasons not to make loans.
But the delicate problem is that we've got a huge bankers.
And ours is more than that, too.
Well, I feel better, and I certainly would congratulate you on that.
My opinion is the country's going to respond very safely.
Yeah, that's the main thing.
We're going to depend on the people.
If they want to support us, they'll make it work.
If they aren't for us, then it won't work.
And you laid out the responsibility of the people themselves and the competitive appearance and all of that, and I thought that was right on the button.
And as far as the job pictures, I mean, the recommendations you've made there on the simulation,
If they don't, nothing else will.
That's right.
Okay, George.
Thank you.
Thanks a lot.
Bye.

NARA Description

On August 15, 1971, President Richard M. Nixon, White House operator, and George W. Romney talked on the telephone from 11:07 pm to 11:10 pm. The White House Telephone taping system captured this recording, which is known as Conversation 007-142 of the White House Tapes.

Nixon Library Finding Aid

Conversation No. 7-142

Date: August 15, 1971
Time: 11:07 pm - 11:10 pm
Location: White House Telephone

The White House operator talked with the President.

     Attempts to locate Hobart D. Lewis

     Call from George W. Romney

The President talked with Romney.

     Wage-price freeze speech
         -Romney reaction
         -Cabinet meeting
         -Ninety-day limit
         -Rent control
         -Dividend control
         -Romney's reaction
         -Cabinet meeting
         -International monetary issue
         -Interest rates
               -John B. Connally, Arthur F. Burns
         -Public reaction
         -Jobs

Also recorded on August 16, 1971

  • 007-140 11:03 PM · 2 min — President Richard M. Nixon and Herbert G. Klein talked on the telephone from 11:03 pm to 11:05 pm.
  • 007-141 11:05 PM · 8 sec — President Richard M. Nixon and the White House operator talked on the telephone at an unknown time between 11:05 pm and 11:07 pm.
  • 007-143 11:10 PM · 11 sec — President Richard M. Nixon and the White House operator talked on the telephone at an unknown time between 11:10 pm and 11:12 pm.
  • 007-144 11:12 PM · 2 min — President Richard M. Nixon and Freeman F. Gosden, Jr. talked on the telephone from 11:12 pm to 11:14 pm.
  • 007-145 11:14 PM · 12 sec — President Richard M. Nixon and the White House operator talked on the telephone at 11:14 pm.
  • 007-146 11:15 PM · 2 min — President Richard M. Nixon and Pierre Rinfret talked on the telephone from 11:15 pm to 11:17 pm.
  • 007-147 11:18 PM · 6 sec — President Richard M. Nixon and the White House operator talked on the telephone at 11:18 pm.
  • 007-148 11:18 PM · 9 sec — President Richard M. Nixon and the White House operator talked on the telephone at 11:18 pm.

All 88 conversations from August 16, 1971 →

Cite this conversation

Conversation 007-142, August 16, 1971. White House Tapes, Richard Nixon Presidential Library and Museum, National Archives. Audio and AI transcript via Easy Nixon, https://www.easynixon.org/tapes/007-142 (accessed October 12, 2026).