Nixon White House Tapes — Conversation 010-112
Date: Thursday, October 7, 1971 at 9:22 AM
Participants: White House operator; Safire, William L.; Connally, John B.
Recording device: White House Telephone
Source: https://www.easynixon.org/tapes/010-112

This transcript was generated automatically by AI (WhisperX) and has not been reviewed for accuracy. Do not cite it as authoritative.

[0:00] Hello?
[0:01] Mr. Sapphire?
[0:02] Yes.
[0:02] I have Secretary Conley for you, and he's in his car.
[0:05] Right.
[0:07] Mr. Sapphire?
[0:09] Yes, sir.
[0:09] Hello, Mr. Secretary.
[0:10] Hi, Bill.
[0:11] The President wanted me to run this additional change in the profits area by you to make sure that you're completely comfortable with the entire passage.
[0:21] You recall the line, that's not fair and we won't let that happen, talking about windfall profits.
[0:28] Please cut that line out.
[0:30] and followed it with this.
[0:33] Well, I better read you the preceding paragraph.
[0:36] When wages and other costs are held down, even though prices are also held down, circumstances could arise in some cases that might generate exorbitant profits.
[0:45] And now here's the new following.
[0:47] In the few cases where this happens, rather than tax such profits, the price commission's policies will be that business should pass along a fair share of its cost savings to the consumer.
[0:59] That's good.
[1:01] Yeah, that's fine.
[1:02] All right.
[1:02] Now, are you completely satisfied with that, and it won't cause a ruckus, or do you think it should be further?
[1:10] No, I think that's fine.
[1:11] I don't think anybody will object to that.
[1:14] Okay, that's fine.
[1:14] I think that's fine, Bill.
[1:15] Okay, sir.
[1:16] All right.
[1:16] Thanks a lot.