Nixon White House Tapes — Conversation 014-010
Date: Wednesday, November 10, 1971 at 1:31 PM
Participants: Nixon, Richard M. (President); White House operator
Recording device: White House Telephone
Source: https://www.easynixon.org/tapes/014-010

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 Do not cite it as authoritative.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] Dr. Burns.
[0:02] Yeah.
[0:02] Yeah.
[0:03] Hello, Arthur.
[0:03] Yeah.
[0:03] How are you, Mr. President?
[0:04] Hi.
[0:04] How are you?
[0:05] Fine.
[0:05] Did you have a good trip?
[0:06] Oh, yeah.
[0:07] I just got back from Chicago.
[0:08] I know.
[0:08] Yeah.
[0:09] Look, I want you to know that we are reducing the discount rate today.
[0:14] Oh, I see.
[0:15] And that will be announced around 4 o'clock.
[0:18] Yeah.
[0:18] Right up to the market.
[0:19] Right.
[0:20] Right.
[0:20] And this may help you when you talk to Mr. Patman.
[0:23] Right, right.
[0:26] The interest rates are moving and here is further evidence and that the market is working well and if he now tries to stabilize things by the legislative mandatory route,
[0:42] then lenders are going to become more cautious, and they will not move interest rates down.
[0:49] It can only harm.
[0:50] And, of course, you can tell him when it's true, hell, you're eager to have interest rates come down, and you're with him completely on the objective.
[1:01] I sent you some notes through my letter.
[1:03] Yes, I got that.
[1:04] Yeah, yeah, I know, I know.
[1:05] And I'm going to get at this thing, and I was just wondering...
[1:12] I don't think you ought to be with me when I see him.
[1:15] I wondered.
[1:16] I'm just thinking.
[1:17] I think it's better.
[1:19] I know.
[1:19] It compliments him more if I see him.
[1:21] I think it would be better.
[1:23] I know.
[1:23] And remember his new wife, Pauline.
[1:26] Pauline.
[1:27] How beautiful she is.
[1:27] Okay.
[1:28] Right.
[1:28] So forth and so on.
[1:29] Yeah.
[1:30] Okay.
[1:30] All right.
[1:31] All right, Arthur.
[1:31] Thank you for calling.
[1:32] Not at all.
[1:33] Bye.
[1:34] Bye.