Nixon, Rogers & Volcker on US Trade Bill and International Monetary Policy

0:38...
1:06But in final analysis, it's judgment as to what we can do in terms of the political issues, and also in terms of how that affects our other two cities.
1:16It's very, very important.
1:18It's critical.
1:19So I want to be sure that Agnes Keating calls for a IOC on Wednesday night in California.
1:27And Agnes will have a chance to bring it up, but I'd like her to have a chance to think about these problems
1:37before I see him.
1:38So just think about it.
1:41It won't make any finance.
1:45Now, to be frank,
1:52The first item of business, it seems to me, is what we do about the gold.
2:02Let me see if I understand.
2:03Paul, you believe you ought to introduce it quickly as the Congress begins, right?
2:10I don't think it has to be instantaneous.
2:13First, I would say that with regard to it, it must be clean and alone.
2:20It must be hung when we are dead.
2:24Because they get all sorts of crap.
2:27And that can both go to waste, and then send it to NASA, and then hang onto it.
3:03In order to buy the time for you, Paul, when you're talking to John, first of all, Congress comes back in the east, the State of the Union will be on the 20th, that week, that comes, that future to the 24th, and the week to the 24th, if we say, say it's in the middle of that week,
4:25What we have to do, even though in terms of our international negotiations...
4:41We have to clearly link gold and change the price of gold with cricket.
4:47In terms of the conqueror, we cannot.
4:50Because the more we link it with the conquerors, then it's true that we're going to get photos and everything else tied to the price of gold.
4:56We've got to have a change in the price of gold, because looking at it...
5:01Now this is something that we haven't been able to afford.
5:03And most of the Congress and Senators would understand it.
5:07For all of you, I understand.
5:10I just learned to understand.
5:15All of you understand that
5:19So, the way I look at the thing...
5:36We thereby buy a buy-time banking currency, but they have quite a lot of time, quite a few hearings with them.
5:45By the course of those hearings, the question would obviously be asked, well, what's happening on the trading partner?
5:53We can first simulate some of that question, because we understand it was needed by Bill for his time for negotiations.
6:02Now, I'll stop there to see whether that scenario sounds all right, or, as I understand it, your meeting this morning, you talked a little about the last two weeks.
6:10Well, I don't think any of us have any strong feelings.
6:15It's just a matter of...
6:19I think we all have a separation.
6:21President, I think one of the key issues here is the fact that Tom Martin says if we agreed on 14, which probably is not likely, they would have to have 10 days to confirm.
6:33So that takes us to 22 at the very earliest time.
6:38You put a lot of pressure on us to be sure we define the issues that we think we can get.
6:44There are some big pluses in here that we can get.
6:49Even though they're not what we want, they're part of the way.
6:52We don't understand it, such as a protection on our grain pricing so that they will not reduce our market in Europe.
7:01We don't know how they'll do it, but that's the commitment they said they will work out in two days' time.
7:07I don't know how they can do it, but this is what they've said to me.
7:12If we go put the bill in before we're pretty sure of the trade...
7:23I think we then link trade and gold together in commerce.
7:27I agree with you that that would be a mistake.
7:30I'd like to be as free as possible to keep that trade separate from being tied to the influence here.
7:41I'm saying I'd like flexibility at the 24th through the 1st.
8:33What we all do is to say we're working on the matter.
8:38Is it a complicated matter, Paul?
8:40If it is, you can make it complicated to do.
8:43The bill itself is not complicated.
8:45The only complication of the bill will be that we may start beginning to lost its financial orientation and price of gold.
8:52And that's the only thing that I can see relieving this from hearings and probing.
8:57I don't know what I had.
8:59I'm thinking of an excuse for not putting the bill in.
9:03But then in a short time after Congress comes back...
9:05I'm a straightforward excuse.
9:06I think it's a good one.
10:03There's one complication here, Mr. President, that was mentioned when the leadership was in here.
10:09They expressed some sympathy for the idea of doing this initially, keep actors in the fight, and take them off the political field a little bit.
10:18It strikes me that we didn't practically do that at any time, but it may be a little awkward to do that when Congress is in session.
10:26What we were thinking of then is that you do that, say, next week, when Congress is still out of session,
10:34And you would have that background for actually presenting the bill to the Congress.
10:38But it looks to me, in this kind of scenario, we can't do it that way.
10:42But doesn't that take a multitude of ways?
10:45You're waiting for the trade stuff this time.
10:48Yes, I know.
10:49But we're a little dilemma here because the congressional people express no sympathy to do it that way.
10:53But I don't think we can do it that way and just take them all off the hook right now.
10:59That's the story I'm hearing.
11:02Technically, we can still do it the fastest.
11:04I don't know if they'd like that when they're in session.
11:14That's the only complication we see.
11:16I don't know.
11:19It doesn't sound good.
11:20It doesn't sound great.
11:21I didn't react to that.
11:23I mean, it's not straightforward.
11:25I know it was the one that was most eager.
11:28The majority of pigeons was that way, but...
11:32I think we should wait until at least the first week of February.
11:38Give Bill a chance to negotiate.
11:45And then set it up in February.
11:49So that we don't have to... February.
11:51Yeah.
11:52Yeah.
11:58They're also expecting
12:51Well, I think...
12:53I see.
12:54I see.
13:06It will be unfortunate for us before the impasse is it will have to give away the grain and wheat crop.
13:14This is going to be tough.
13:16I made that point this morning.
13:18That's the only thing right now.
13:20If I was prepared to say the U.S. will give this up, I would make a deal with one of these.
13:29You don't have much hope you can do.
13:30I do not have much hope we can do, but I do have this hope on this particular section of protecting our market to the same degree we have it today, and keeping the prices down.
13:42That I think we can get.
13:44But it's not in the mandate today, and that's why we need this time.
13:50Would there be a possibility of getting...
13:55the citrus, the tobacco, and just what you just described, and holding out for the future, looking at it like we're in a crevice, holding out for the future, that we're going to continue to work on the green tea problem until it ends.
14:13That's why, but with a very, not a mandate, but a very strong, such as those negotiations need to continue, my guess is that, just from what I've read, what you've now said, my guess is that you're not going to get the grant until you think about the 15th of February.
14:26I doubt it with this one exception.
14:30Well, it's not a different problem, but that's something.
14:33Oh yeah.
14:33You hear something crazy.
14:37We're going to get three things in a great year.
14:39We're going to get stockpiling, I'm pretty sure.
14:42We're going to get something which is better than the...
14:47It's less of the full benefits of the revaluation, but not as good as we like.
14:53And further, we've got this nebulous kind of thing on the protecting from harm.
14:58If we can hold out a couple more weeks, that's the best.
15:02That could be very important to us in the Midwest.
15:04Right.
15:05Clark, what is your opinion as far as the Midwest is concerned?
15:09We make that kind of a deal, and that's a favor that's not great.
15:12We generally believe that we're actively negotiating the future.
15:16There's going to be good and bad.
15:17There's going to be initial disappointment.
15:19We're going to have to engage in other initiatives to administrate our concerns for the Great Front.
15:28We're giving $4 billion in subsidies.
15:31Mr. President, do you...
15:36The two issues that can be added to this are that we are putting in this package a strong negotiation for 72 and 73, and I think we can build on it as far as the future.
15:47That will be in both the Japanese and Canadian and the European package, and we're trying a similar language, which should be helpful.
15:57The other side of this is, though, that...
16:00The total package of citrus, both Japan-wise and sea-wise, will also be a slight disappointment.
16:07In other words, we aren't going to get photos of Japan, and we're not going to get full year-round.
16:14We'll stay the same.
16:15We will feel better than we have today.
16:18So there will be a little problem there.
16:22Doctor, we usually always see these special study groups of the adult world, saying we're looking at the future as a presence.
16:30I think that is not as good as the actual written commitment from the EC, Kenya, and Japan.
16:37They're committed to joining with us in a major mission.
16:41That, let me say, let me see, say, giving them hope, giving them hope, but I mean real hope that we finally are solidly doing, and making speeches about it, is a hell of a lot more important, frankly, than giving it to them.
16:56At the present time, what happens is, you know, you give this, you give those shits, and stuff, the Russians, and so forth, now that's not going into the next.
17:06Now, you know, I agree, I agree, but I think you should go out
17:10I'm not sure, and also I think in advance, if we're not going to get it, it has to be this kind of advance.
17:20This kind of advance, so we've got some real problems here.
17:25You're gonna get something.
17:53I'm not sure.
17:55I'm not sure.
17:58I'm not sure.
18:17I hope so.
18:18I haven't seen him since...
18:48I suppose that's the challenge.
18:51Actually, there are two problems.
18:53One, we've got a list this long of mines which can be merchandised by everybody beautiful.
19:00My trade point of view is not too many dollars, but the trend is great.
19:04The second thing is that they have now said, as of yesterday afternoon,
19:10But it's really going to depend on what happens on Thursday and Friday.
19:27Paul and I have been talking, Secretary, about how this plan can be handled.
19:31You've been talking about how?
19:34Paul has.
19:34Paul and I have been talking for years about how this plan can be worked out.
19:41Well, Dr. Knox has.
19:42He's been.
19:43He's been, right?
19:43Of course, you can hold up on any opinion about this.
19:47Well, I'm just thinking about all the numbers in the meeting.
19:51We have, who's, who's, who's, who's finance?
19:54Who's, who's, who's, who's finance?
20:09We could have our trade people there.
20:12Let me just say it this way.
20:15That package can be merchandise.
20:19Not as much as you would like, but it's such a long list.
20:25And two things that are missing from it.
20:29One is the computers.
20:31And then they want, the doctor wants to talk to the secretary of college first.
20:34I can't say any more than that.
20:35The second part is, the doctor wants to talk to the college.
20:42And the second part is in the procedure.
20:44They're being very tough on them.
20:46That's where the real hand is in that whole argument.
20:50They're licensing procedures for AIQ, all kinds of procedures.
20:55They don't want to change, and we want to convince them that they'll change over some period of years.
21:00So that's one we can easily back away from.
21:02Yeah, that's what we ought to talk about.
21:07That's their whole way of life.
21:09That's right.
21:09But they've indicated that there's some give there, and they're coming with instructions to send them there.
21:15But let me tell you, that's very interesting.
21:20And particularly interesting to our magicians.
21:23But politically it doesn't mean a damn thing.
21:28And so do the best you can, you understand?
21:32And we could try, because I am a salesman, and I have a little...
21:57I think that's probably true.
22:01They're holding up like a present course on grapefruits.
22:08They're going to give us five times on juices.
22:13That's where they are right now.
22:17So, I mean, I know we're going to get that.
22:21And they're up about double on oranges.
22:26And so, we're already there, and I've sent back more instructions as of yesterday afternoon.
22:31They don't want people to know about it, because it's a political problem.
22:37Of all the farmers in our country, we need to invest in citrus seed.
22:42That's all right.
22:43We need to invest in citrus seed.
22:54To the other matter, the trade legislation.
22:55We have, to a certain extent, two problems.
22:56One is the general legislation tonight.
23:20Bill, go ahead.
23:21Bill, go ahead.
23:21As I understand, that's off to the spring, right?
23:24Do you remember the president's background and public safety as part of the study generalizing preferences?
23:34The issue, of course, now is when we should send it, and it should be part of the question of our country as a package.
23:48I think the feeling here that we expressed this morning was that we ought to get congressional reactions to our ability to isolate this from Christmas tree track legislation and insulting counties.
24:02I think, Bill, it was your feeling that if Congress were to assure us that we could isolate it so that it didn't get involved in other matters, then we could go ahead with it later in the spring.
24:14If there seems to be a high risk of it not being insulated, then I think we would probably feel that we ought to wait until we submit a total trade package.
24:24Congratulations.
24:25Express that apparently over here.
24:30I think we ought to go ahead and submit something.
24:35I don't care whether we use the community example or our own.
24:42I think we should submit something, and then try to isolate it, and just hold it back.
24:48As far as that, yes, we can.
24:50I don't see how we can not submit something.
24:54We can do it for a month or so.
24:58I think we have to submit something.
25:00We don't have to do it for a year.
25:03I think you're explaining to me, correct?
25:06Yes, I made a point this morning as president to recommend sharing at summer one with the legislature, with health.
25:17I would think so, unless you make a decision ahead of time.
25:22But in any case, those three items, in my opinion, represent three months of work.
25:29If you look at the first three months of your second session, you have no length of day recess, you have an easy recess, which would be ten days.
25:43That comes on the 27th of March until April 12th, 2011.
25:49So they've got a full wait right now.
25:53We certainly shouldn't submit this until after we submit yours.
25:59And then we can just submit it and say we don't know about it anymore.
26:03We can't isolate it.
26:05But if they're looking for a Christmas tree, they'll find one anyway.
26:09And I think we've gotten it up to the commitment we've made.
26:15And we can slow it down.
26:17Well, that's how I understand it.
26:19It might be made to all real lives.
26:22From a political standpoint, he's a dead loser.
26:24He must reap a hand in a second.
26:25There will be a Christmas tree.
26:27I think it's been very helpful to avoid it.
26:28But on the other hand, I think that what helps us here is the fact that the way it's being submitted gets so busy.
26:47And of course, that's going to be in there, right?
26:50You can't go there and say, look at the finance first.
26:54No, sir.
26:55No, I'm crazy.
26:56Well, under the circumstances, I think that we should, if I can suggest something, well, I think this is why we should split it up a little bit.
27:05Fortunately, quite a little bit.
27:06I don't want to make a big fanfare about it and all that sort of thing.
27:14And then we let the Congress deliberate.
27:20I'd like to go tomorrow morning with Paul and Bill.
27:28It's 10.30.
27:28Please join us.
27:29It gives me an opportunity to talk to the individual members on a Sunday night on a flat basis.
27:42I think that's their reaction to prison.
27:45Because they react and they confirm the fact that they will give, as we expect them to, priority to these three hangover items.
27:56Yeah.
27:57We are all...
28:02You understand that on the generalized reference, this is what I...
28:10I've always had a strong, strong bias for.
28:19For adults.
28:20So therefore, we want to get the credit for trying there.
28:39In fact, at this particular point, we do have a very serious problem with the Congress, with all the protections, and all the other things.
28:55And I want to be, and I want to sound as pessimistic as I have, but it's notable that we could get a second one.
29:07Who knows, you know, certainly.
29:10The only thing is, I believe, the one who might get the voice needs to be reasonable.
29:15And if we go to a proposed rule for the House, I don't think you'd ever get the Senate to be reasonable.
29:21And the United States Senate means, you know...
29:24and presidential candidates, and glass blowers, that's what I, that's the real fear, nobody else knows it, and I think we have to tell some of our friends that, our committee, our commitment is there, but this is a difficult time to learn to do, it's not about the little things, you know what I mean?
29:46...unhappy moments in the fall, as it expands.
29:53Further, I think, why does it expand as it gets worse and worse?
30:25But what we do in terms of trying to get through something, is something else again.
30:31And they're going to be, they're going to have power to send in, I guess, some companies.
30:38But we'll be pressing, pressing the positions on these things as they come up.
30:44Of course, in the fall, it's going to be kind of tough for us here.
30:47So what position do we take?
30:49I don't know.
30:52I don't know.
30:53I don't know.
30:55I know that we...
30:58I think the...
30:58I think by the fall...
31:10Mr. President, it would be possible to keep some leeway here, because I think we have to figure out some timetables, and maybe I think you, Clark, can have freedom to check on how the Congress feels in May, April, May, or June.
31:28Two, the reaction you can get by putting in and then not pushing at all, but it also is bad overseas.
31:33We're criticized as much as the White House here,
31:38for not having tried, not having pushed as much as we are for having made commitments.
31:45I think there ought to be some flexibility here as soon as the state can give us a chance to have a hard look at this without backing away from the commitment to this particular point.
31:56We may find this very bad timing at this particular point for any particular reason.
32:03Well, I thought we were being criticized for not sending up the legislation.
32:06The community and the Japanese have done what we asked them to do, and we've never even sent the legislation up.
32:11So what we're trying to do, or what they're still trying to do, is just to see who is, you know, the reason for all this tax, and then, during the first month, send the bill up, send it up very low key, and then send it to the community and the Japanese.
32:25So when we've sent it up, we've had a problem.
32:27We probably can't get it to the country since this year.
32:30But at least we've lived up to our commitment.
32:34Now the announcement we made said that we would set it up on time as we could be.
32:39Now we don't have to set up this first two weeks, but we should delay it a little bit.
32:45I would think that if you were not to set it up, you'd have to do it, but you shouldn't do it before the end of the day.
32:52That's a social reason for the start of a cutoff in the international system.
33:04I think you should check out some very good snowshoes.
33:08I think you'll understand about America.
33:12Well, could you have a little, could you have a talk with Wilbur about this, and say, look, what are really the prospects, what's going to happen here, et cetera.
33:20Let us know.
33:21And the other thing is that if we, I mean, Bill, the leftist point is that we're criticized for setting things up and not pushing them.
33:31And the rightist point is that we're criticized for not even introducing them.
33:37Well, we certainly can't, we certainly can't do the first one.
33:42We had a second argument.
33:43We can't introduce something.
33:47As far as not pushing is concerned, we don't want it.
33:52Now that's where we are.
33:53So therefore, we've got to say that they have better than that.
33:57Not pushing, because we know damn well we can't get what we want.
34:04Also, on this one, I want to be sure that this is before my profits would come, and when she falls, too, and then me going in.
34:13Matter of fact, maybe two of you can talk into the room while you're here, and get a good, good feeling, and get his political attention.
34:29Does that cover most of the items that you need to...
34:33I think there are only two or three specifics.
34:36One is, there seems to be wide consensus this morning that we ought to keep that work within the council to be sure we get a comprehensive trade deal ready for the possibility that you might want to do something in the spring.
34:53The scenario that worries us as presidents and all, that this labor party bill does start getting hearings,
35:02And labor, as you know, is pushing our farms to get support.
35:05And then we're left without a positive alternative in the Congress responding to that bill.
35:11So I think we would like your approval to push ahead to get legislation ready if late spring comes.
35:20It looks like we ought to submit something.
35:22We're going to do that, and we're going to obviously have to work hard for the next 69 days.
35:27What kind of a bill would be on the line?
35:30Well, it would have the following.
35:31It would have a strong export-promotion possibility, which we think we can translate into jobs.
35:39It would be related to your technology, you know, initiatives to make America more competitive.
35:46It would have a much more comprehensive adjustment system set up, with perhaps some protection of industries on a temporary basis.
35:58We could finesse, I think, the liberalized negotiating authority until later on the grounds that we've already discussed, as this is taking place.
36:09And we'll know later what's still there.
36:10Whatever you put in in terms of the first four points has no concern.
36:14And the problem I have is that the problem we would actually have would be if they decide to fight the hard-to-labor bill with a new sort of Kennedy round.
36:30It's not an indication.
36:33It's murder.
36:34See?
36:34I agree.
36:35So if you would work in that context, let's understand.
36:39We've evaluated these 50 persons.
36:43They have feelings there.
36:46Basically, in the long term, I am for a less restrictionist policy.
36:52Dimensionally, on the other side, Europeans who...
36:58But in the short term, looking at the American economic and political scene at this moment, with some considerable pockets that disagree with this, some in the intellectual community, some in the business community,
37:17The final issue...
37:46has to do with what the rhetoric should take at any time.
37:51Whether, for example, in your State of the Union message, or in other administrations' spokesmen's messages.
37:58You might want to make some kind of positive statements about making America more competitive, more employed, that how you're now negotiating broad and useful to get fair arrangements.
38:09In other words, lay out the broad outlines of tomorrow without getting too committed on land where or exactly how you're going to do this.
38:19So that the other side of the coin gets covered, namely that we don't get labeled protections.
38:23Right.
38:25I would think you're saving a message, perhaps an economic message, might be in place for some of the rhetoric, and some of the rest of us could take that.
38:37Mr. President, I think you all agree on that here, I agree.
38:40You see, one thing I think we should be careful of, though, is that in the...
38:45In making the plans for a little comprehensive program, let's be sure we don't talk about backing legislation, because if we're backing a comprehensive trade program, we've got a bill that's coming.
38:59That'll leak out, and we're going to have some additional trouble.
39:03So let's just come up with a study.
39:06A study on the long range implications.
39:49And you see, that gets you off the hook, and I, the Vice President, determines what recommendations are made in the Congress.
39:56It seems to me the exercise is well worth it, going through it, because you're a long way from the fall, and if you hadn't caught on something, you'd have it all there, prepackaged, and modularized to where you'd have your imperfect set of organs, but I mean, let me say this, that the United States now has a very, very efficient, I really want to know,
40:20This is an area where I really wanted to come up with.
40:25I don't know where we stand.
40:27I bet you in your business community, I bet you that if you go to 100 chief executive officers to talk about recuperation, they have all the time sitting down looking at the way that
40:46that the municipality and the municipality and the rest are looking ahead for their future.
40:51Would you agree or not?
40:53Absolutely.
40:53And they do, and I'm not sure we want five-year plans or 10-year plans or the rest.
40:58But maybe we want a 25-year one.
41:01I'm not sure.
41:02But I do know this, that America's done very well destroying my house.
41:08Very well.
41:09And that's the way we play the game in the future.
41:12But we live in a world
41:14Where our major competitors in the free world don't grow that much.
41:19They know exactly what they want.
41:20What John Connolly said this season about Paul, you know, time and again, about where we're going to get our resources, you know, where we're going to get our raw material, where we're going to get it from Latin America, et cetera, et cetera, et cetera, Japan, Asia, Europe, and so forth, and so on.
41:32I didn't like what you said.
41:35And I digress, but the point is, this kind of a study, usually they say, well, a study is made, and it's received, and written, and tried around, and get a presidential intent, and out you go, and it's filed away, and death collects.
41:51But I really believe it needs to be done, and we need to know, not for the purpose of so much of doing something specific, but for the purpose of having a framework in which to respond to
42:05and various initiatives that are taken by others, and a framework with which to take some initiatives when we need to.
42:13And I think that's where we are.
42:16I think the beauty of what has been called the new economic policy, it was developed over a period of time.
42:27It wasn't, as a matter of fact, all that early development
42:34But at least we tried to think in broad terms rather than in ad hoc basis.
42:42In other words, we constantly tried to point out it wasn't just a case of trying to keep down the cost and stop the rate of rise and inflation.
42:54It had to do with jobs, the international monetary situation related to the American economy position.
43:03It had to do, of course, with
43:04in terms of the inflation, and not just the way the price frees and pays to, but heavy to the cause, in fact.
43:13I mean, this will be where George is doing such a great job of holding the budget down.
43:20And so, that's...
43:21These days, these are things that are...
43:25It's fine.
43:30And we can get trade agreements with the community in Canada and Japan.
43:42And we've completed the merger.
43:50We've got a billion dollars for a dark market here.
43:55Can't we say that the short-term objectives that have been achieved
44:01And then we're pursuing the long-term objectives in OECD.
44:05We're studying it.
44:07It was kind of planned, so we said it's a success, and now we're wiping it.
44:12And the regular reason I say, well, it's because of money we have to trade, so we can save it for us all.
44:18And I think, actually, this would be just a great time, a great thing for Connolly, at the proper time, to go off like a gang.
44:27All right, now this, this, this, this, and we get to keep the first phase done.
44:36It's got to be right.
44:40But now on this other thing, though, I think this is, let me say, don't do this.
44:46for the purpose of studying.
44:48And I think it is very important to make recommendations to the President and especially to the General Assembly.
44:55For you, Mr. President, I wasn't suggesting you not draft the legislation at this time.
44:58That's not what I'm talking about.
45:00Because otherwise, how is it worth drafting legislation at this time?
45:03And I don't care.
45:05And that we're looking to 73.
45:34Or to come back here and make a lot of trade in the last one for seven.
45:38But if this package that we could have, if we need it, should be tied into domestic expansion programs.
45:45More jobs, better paying jobs, and I think it's good to get us in a position.
45:51where we prepare ourselves for 73 and keep cleaning our house, do our house job, so we can have a clean cut-and-fill if we want 73 for a major trade expansion program.
46:05And that keeps us, keeps everybody off our back.
46:07We ought to be able to hold the hard-to-birth bill off when I say, let's hold everything on trade, because we'll look at it in 73.
46:15It's good.
46:16It's very good.
46:19I think the point the president made earlier is one we should keep in mind ourselves, and that is the greatest impetus to trade is via realignment.
46:29Everything else is minor compared to that.
46:32The law.
46:32Don't anybody be embarrassed about how this list is going to look.
46:36You've seen this tragedy's list.
46:37It is a very long list, and we'll have all three or four things to be handed to you.
46:44It's going to be a very impressive list.
46:46We already have a list of things they've done this year, and it's pretty impressive.
46:51The thing is, we don't want to reveal that list all at the same time.
46:59And also don't add the numbers.
47:03That's right.
47:04You can use the Japanese number, which shows $10 million dollars.
47:42We heard it was a flying tank, and that's not going to be a problem.
47:46We'll leave it there.
47:51Okay, you and Pete will fill in John Connolly on the points that we talked about, so that he can also figure where political judgment is required, and as long as the first sentence, you go down with the sentence, and you raise the political points and so on, but I'd like to get it used on Wednesday, and we're out there, and we'll...
48:16I think his skills would be very...
48:18I mean, they're not aware of all these... Yeah, these problems would probably come up in the same way, but I think he sees... Well, I told him that I was flying, and he wasn't there.
48:28He didn't say anything.
48:29He didn't say anything.
48:30But he didn't know what everybody else here was doing.
48:33President, do you want to make an announcement?
48:36Jerry, do you want to make an announcement?
48:38This is me.
48:41Jerry, do you want to make an announcement?
48:45Or...
48:47That's it.
49:58Thank you very much.

Nixon, Rogers & Volcker on US Trade Bill and International Monetary Policy

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Nixon Library Finding Aid

Also recorded on January 3, 1972

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