Conversation 056-001

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That's all hard good decision, I hear.

I hear it a lot.

Good.

I had to ride it a lot this morning.

It's a big deal.

We're out breaking.

We have a couple of our doctors that are carrying a big load.

Yes.

Well, I guess we've covered everybody.

Where is he?

Oh, he's on the line.

You're on my left, Charlie.

You have to put the pictures yourself.

I'm not sure how to say it.

Well, I wanted to express my appreciation to all of the stakeholders in this commission.

I know it's had a rather spotty existence of the report, spotty not in terms of their own efforts.

I've been talking about, like, the entire life of this for years, since the talk started out.

Right.

It's been a bit of fun and exciting.

And I've always had, I've always had excellent reports.

I think I've been sad.

I shouldn't have done it.

Perhaps the best way to proceed would be to turn over to you, and that's what you can do, and to run the show, and what we like to do.

I had a chat about the recovery of national finance.

What else?

I thought we'd get that out of the way fast.

We're going to stick right where we are.

The financing problem.

It's finally gotten out and it's very serious.

And it has to be about where we are.

And Don Diggins, Dr. Diggins, Dr.

Sessions, all of those are our children.

Dr. Diggins, Dr.

Sessions, National Studies, all of our other work.

I don't rule on any special assistant.

I think we all need to, and I think the profession owners in the whole field, we're a little ahead of them.

You have a very good chance of having all the original material in.

The commission members need to sign it by the office meeting.

Take a break there.

We'll have another look at what we have planned together.

By our goal, we should have pretty close to a final position.

There may be some changes in November, December.

We hope to be able to give you some pretty good indication of who we are.

Well, if you, are you ready to tap on the computer screen?

It really comes down to also something else that I think is important, that Charlie probably is still going to do well, but in our service, at least in the Congress, and not just right now.

Thank you very much.

I hope there's some others.

Every time we have any legislation in this field, please get us a new question.

It's the best that enters versus the people, et cetera, et cetera, et cetera.

We all in this room, that's a bunch of nonsense.

We're trying to find out whether it's the best way to operate in this environment.

All of his problems is still there.

Like all the other countries.

I was talking to John Collins the other day.

He's an international finance thinker.

He said, what are the Dutch going to do?

What are the Swiss going to do?

What are the Germans going to do?

They all live by our silence.

You wouldn't say that.

The Belgians, too.

I speak in the terms of, and they very well know it, in terms of their distances as nations, and so forth and so on, in terms of the size of their economies, as important as they are.

We consider that a problem, too.

I want you to know that I'm aware of the tremendous magnitude of the problem.

We haven't left anything unturned yet, but we don't either have on the table, or we don't have on the table, but there's a big bulk of materials.

And the reading material, and the time they put in, and the attendance, and the cut quality, which I don't know if they have enough.

I think we're going to come up with a very constructive overall study, and each one of us will be able to accept from the start, put together something that will fly, and be recognized.

But I think that would be helpful, not the idea of talking about what you should do about that.

The idea is to tell you what we can and can't do.

The resolution is quite final.

This is a very sensitive document.

How are you, you guys?

Well, the commercial value is supporting me, my first hand.

47, 46.

I'd like to say, Mr. President, the commercial banks are posing quite a problem, and we're going to figure out something to do with it.

It's a tall building out there.

You've got to get permission.

We're working awfully hard on it.

Guarantee that.

I might say that the resident side issue is the area of atomic liquid.

So we say, what was the discussion between the commercial bank and the city?

It's a little bit of a concern, but then we find out how it works out in this hotel room.

It's good.

Of course you're competitive, thank God.

But the other hand, and I hope it's always that way, the other hand, there are some minds where you realize this is also some common enemies.

And those who, as I said earlier, have a mind about it, almost want it.

Well, Mr. President, as a politician on the group, I'm particularly pleased with what I sense is a great public concern in the attitude of the members of the commission in producing a system that will be more viable in its ability to serve the people of this nation.

Is it all, has everybody agreed that this kind of study, and shall we say recommended recommendations need to be made, or can we just muddle through it?

I don't think we can muddle through it.

In any business, government institution,

A military institution, what have you, there are people who have a vested interest in the status quo.

They have to have it.

They live with it and so forth.

They're used to doing business that way.

They just want to be comfortable about it.

They don't want to change it and so forth.

We all understand it.

We all have that way.

And so you're looking to change this.

You know how you're getting along this way, but you change it over here, you're not so sure.

And I think that's really the problem, right?

All of you must have one.

Here you are.

Here you are all in successful operations.

Everyone of you.

You read this list of people who were in that group.

So why change it, right?

What about the idea on that story?

Well, it must be crazy because you have a lot of radicals around this table.

Is there anything controversial?

Everything's controversial.

It's very healthy.

It's very hard to exchange opinions.

Everyone.

Do you understand?

We want to change everybody else's business.

Yeah.

Of course, we've got insurance companies.

We've got it.

Just a few.

One tonight.

Yes.

We came back over to the accrediting discussion this morning.

They don't have a job.

How big are they?

Fifteen beds.

Fifteen accredited beds?

Yeah, that's right.

That's the back of the organization.

Twenty-three native members.

Well, of course.

First came together with ASAI, and ever since, right from the outset, many of them didn't feel, remember this condition, we had a job to do, and we didn't do it.

So, my wife, she was in the financial studies, and Dr. B worried constantly at the outset that they would be accused of writing this time before.

She was way behind them.

Yes, usually it's that nice.

It's not working, but we're glad to get your views.

That's why we don't pay you.

Let me ask you a question, if I could, in terms of your schedule today.

How much time do you have?

I think it's probably one of the most significant.

For example, there was a great column that they allowed.

They talked about sanity with regard to the negotiations between the U.S. and the U.S.

It was 20 years ago that the United States made a project that gave a percent of all the students in the world the factors that matter.

20 years ago, all the students in the world.

Five years ago, the Japanese, and I raised this in the U.S. in particular studies, the Japanese made 5 million tons of steel.

Last year, they made $100,000.

Next year, they will pass the United States to steel production.

The United States?

I don't know.

But, I digress.

Part that I make is that

Oh, yes.

This is a new subcommittee.

They've written chairman Herman Chavez on it, and they want to... On trading?

Yes.

And it's not in the tariffs, but it's actually the overall question.

What is it you have to do?

Well, here you are, and here it goes to three large insurance companies, savings and loans, banks, and other institutions.

But when you come in, what is your next meeting?

Kansas City.

Thank you.

I'll have you come out and do it there for you.

Yes, sir.

Have theaters go out to Kansas City at their next meeting.

It'll take you, you should set aside, if you will, two hours for his presentation.

It's an hour and a quarter.

If you want to have questions, I'm sure.

Have you go to Kansas City and lay it on.

I really think, I feel so strongly about it.

I think that everybody here is part of what I call the apparent distance elite.

And for that matter, later these people who have to make this account should begin to see these long range terms that we're looking at.

As you know, we have a productivity council.

It's a pretty tough setting in life.

I think that, well, not directly, but it may.

It could have some effect on the riverations.

It has to do with the flow of capital.

I seldom recommend briefings for anybody because they're hard on the floor, but most people actually say no.

I'm just something we have only shown to the government, and so far, and to any select group of top administration people, and

I think you should see him.

Did I have a point here, Mr. President?

Sure.

For two minutes at 2.30, he said he announced what had been made.

I briefed them fairly early on the Lockheed situation, and I think they've done a good response around the state.

The answers to them, you know, you can have questions your age, why do you obey a lot of companies that are deficient in management?

The same arguments, I think, are present on the other side.

Of course,

Whatever criticisms can be leveled against a defense contractor, and most defense contractors, is inefficient by definition.

Whatever can be said about that, it is our biggest concern.

In this instance, they were the cause of it.

It's phenomenal.

The whole place goes black.

What do they do?

Of course, on the other side of the line, you let it go.

The dark side of it.

And it's about 12,000 individuals, small companies, large and small part involved.

The whole idea is that it's 12,000.

You can see, I'm sure they're all going to die because of what happened to Milwaukee.

They're all going to be affected by it.

Mr. President, those of us that are members of this commission are going to admit that we didn't give you a report on Mr. Hunt, who's been our chairman.

All of us are amazed at the ability to agree to involve each of us in very specific work tasks in these meetings, and through his leadership himself.

As far as I'm concerned, it's an absurd presidential commission.

The greatest personal commitment of a group of commissioners in the history of this forum, and it is to its leadership.

We'll give him another one.

I'm aware.

Seems like such a

Well, not usually.

Mustn't a while pay around those smart enough to get us arguing with each other.

The present one reading the attempts is so good now because we're all dedicated and interested that we can all come and defend our position.

Good job.

I'm saying as a non-institution, I must say they're shy.

They keep implying that they're at each other's throats, but I think we're all impressed with the extent to which their interests are far higher than their particulars in these kinds of industries.

They're real trusted with us.

The writing, to me, I must admit, has been their dedication to the organization.

I can't escape however the feeling that, you know, we're living financially here.

It's a very precarious existence.

And if this commission doesn't come up with some suggestions that can be adopted, which will really make our financial system secure,

You can be sure that another commission will be in business shortly thereafter to do its unfinished business.

Because our financial system is just too vulnerable as it is now to trust.

And we have a period of quiescence now.

But it...

There's no reason for believing that it can last.

It really could come in quite suddenly.

It's got to be done.

Let me ask this.

I noticed that you are not addressing yourself at all.

You are?

Not to federal, not to monetary policy as such, Mr. President.

Are you addressing yourself, for example, to the problem of the independence of the Fed?

We have not, you said.

I mean, I don't, don't, it's no sacred count.

Understand, I refuse to express something, but I think there's too much of a tendency among bankers and tax people and government people and all the rest to say, well, now the bed was set up back when he was president, and that was the creation, and God created a perfect thing.

Well, it depends.

He said there was a commission that created that perfect thing.

Ha ha ha!

Don't die if you think you want to discuss it.

I think it's very important for a group to decide what you want to discuss.

That question is not you how to address yourself to a total subject.

So don't be confused to express it.

You have to.

You've got to.

You've got to go.

They are participating.

They are contributing an awful lot of studies to us.

As you say, we have not made a judgment in the area about the aptitude of the students.

I think you can express them any way you want.

You may want to express them in an awkward way, just like that.

is something that has to be, that is, let's put it this way, you can't, those who examine the financial system a dozen times, or talk about it without talking about it, is available.

When I said Mr. President, we weren't dealing with monetary policy.

That's one kind of problem.

There is another whole set of questions, and that's the institutional structure of the reserve system, which after all was set up

set up when we thought of the financial system as being a commercial banking system, period.

And, well, it's a lot more complicated thing now.

Yeah, who ever thought of training juniors?

Well, 15, 15 of us were training juniors.

Right, exactly.

One out of every 10 people in the country got an account in a credit union.

I guess it's an interesting number.

We had insurance companies in the U.S.

There are lots of, you're actually right, there are very great problems there.

But, you know, we've been concentrating on the banks and the whole private financial structure, and that itself is the big order.

Yeah, I would move.

I just think the other thing too.

Yeah.

We won't, I don't want to hold you longer, but I, since you were all, I said we can't afford you, I have to give you a gift.

That's the saddest thing around here.

All of these are...

I didn't know, too, that, well, this looks very expensive, but it isn't.

You don't have to write it.

You don't have to report it.

Neither do I.

These are complex.

I had a rich friend.

I mean, I don't mean he's so rich, but he has a company that's very rich.

He makes the Wilson golf balls, so they had presidential golf balls.

And a signature for President Oswald.

And my two bits of advice that I give with this one is,

I never gave anything to the vice president.

If you don't mind, just a puppet.

That's all you get for all your work.

And of course, I will see you again.

You can get your report when I'm about to receive it.

After I've had a chance to read it.

Don't ask me to pay the bill.

I just want to buy insurance.

Bill, you're quite welcome.

I'll give you some money.