Nixon White House Tapes ›Tape 97 › Conversation 097-001

Connally, Shultz & Rumsfeld on Economic stabilization and Price Commission

Thursday, March 23, 1972 · 3:56 PM–11:59 PM ET · Cabinet Room

ParticipantsConnally, John B.;  Shultz, George P.;  Rumsfeld, Donald H.;  Cheney, Richard B.;  [Unknown person(s)]Conversation097-001 onTape 97StartThursday, March 23, 1972 at 3:56 PMEndThursday, March 23, 1972 at 11:59 PMRecording deviceCabinet RoomSourceNixon Library record for 097-001 ↗

AI Summary

John B. Connally, George P. Shultz, Donald H. Rumsfeld, and Richard B. Cheney met to discuss economic stabilization policies and the operational status of key administrative bodies. The participants reviewed the activities of the Price Commission and the Cost of Living Council, including ongoing hearings and the impact of price controls on specific commodities like steer hides. The discussion also addressed the economic distribution of price increases between farmers and other industry stakeholders, as well as the administrative coordination between the Pay Board and various government agencies.

Audio

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Transcript (AI-generated)

This transcript was generated automatically by AI (WhisperX) and has not been reviewed for accuracy. Names and numbers are often wrong; speakers are not identified. Do not cite it as authoritative — verify against the audio and the finding aid.

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1:29There is a statutory aspect to this.
1:55I get it for you somewhere here.
2:12The only thing I'd add, trust me, Mr. Chairman, is that when this is said, should we notify the price commission and the government, we are likely to defend it.
2:27I don't think so.
2:28I don't think so.
2:28I don't think so.
2:29I don't think so.
2:30I don't think so.
2:34I don't think so.
2:35I don't think so.
2:37I don't think so.
2:38I don't think so.
2:39I don't think so.
2:41Recommendation 2 makes two parts.
2:44One will change the name of the group who will undertake the study.
2:49Number 2 is the attitude, the attempt to perform the price-admission reaction that's caused by the Council of State.
2:55Is your objection to it?
2:59If not, I assume the recommendation has been absolutely...
3:08Yes, sir.
3:59Make sure to hide the weight on it.
4:02So you're talking about hiding what's inside of it.
4:05So here is what the devil did right now.
4:08What is that cost on this?
4:09It's about that.
4:10That's about $25,000.
4:10So here's what's happened to the sensor.
4:12The price was pretty good.
4:13$500 on some of the other sensors.
4:14I call that price $500.
4:45There's another...
4:46There's another interesting fact.
4:48One of our guys told us that, oddly enough, the farmer doesn't get nearly as much of this increase as one would have expected.
4:59That is the...
5:01The...
5:07The work of the pay board has been rather well publicized this week, and I know that all the ways to it beyond that, which everyone now knows.
5:15The pricing mission is in Chicago today, holding hearings.
5:19Various people are testifying to senior unions.
5:54The, uh, figures of the IRS system are here below the sound cover.
5:58Number of inquiries, how are you?

NARA Description

On March 23, 1972, John B. Connally, George P. Shultz, Donald H. Rumsfeld, Richard B. Cheney, and unknown person(s) met in the Cabinet Room of the White House at an unknown time between 3:56 pm and 11:59 pm. The Cabinet Room taping system captured this recording, which is known as Conversation 097-001 of the White House Tapes.

Nixon Library Finding Aid

Conversation No. 97-1

Date: March 23, 1972
Time: Unknown between 3:56 pm and 11:59 pm
Location: Cabinet Room

John B. Connally met with George P. Shultz, Donald H. Rumsfeld, Richard B. Cheney, and
unknown men
[Recording begins while the conversation is in progress]

       International economy
             -Council on International Economic Policy [CIEP]

       Price Commission
             -Cost of Living Council

       Advisory Committee on Export Policy

       Steer hides
             -Price per pound

       Farmer

       Pay Board

       Price Commission
             -Hearings schedule
                  -American Federation of Labor-Congress of Industrial Organizations [AFL-
CIO]
            -Operations

Recording was cut off at an unknown time before 11:59 pm

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All 35 conversations from March 23, 1972 →

Cite this conversation

Conversation 097-001, March 23, 1972. White House Tapes, Richard Nixon Presidential Library and Museum, National Archives. Audio and AI transcript via Easy Nixon, https://www.easynixon.org/tapes/097-001 (accessed September 18, 2026).