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Conversation 007-142

TapeTape 7StartSunday, August 15, 1971 at 11:07 PMEndSunday, August 15, 1971 at 11:10 PMTape start time05:36:14Tape end time05:39:01ParticipantsNixon, Richard M. (President);  White House operator;  Romney, George W.Recording deviceWhite House Telephone
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.

New Economic PolicyWage and price controlsCabinet meetingInternational monetary policyEconomic recovery
AudioNARA 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.

         -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
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 Do not cite this transcript as authoritative.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'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.
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