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Conversation 277-023

TapeTape 277StartWednesday, September 15, 1971 at 4:44 PMEndWednesday, September 15, 1971 at 4:48 PMTape start time02:03:23Tape end time02:07:48ParticipantsNixon, Richard M. (President);  Shultz, George P.Recording deviceOld Executive Office Building
AI Summary

President Nixon and George Shultz discuss the implementation of Phase II economic controls following the initial wage-price freeze. Nixon emphasizes the necessity of giving economic policies enforcement mechanisms, famously noting that one cannot have "jawbone without teeth." The two coordinate their messaging strategy to ensure the public perceives the forthcoming economic program as effective and decisive.

Phase IIWage-price controlsEconomic policyWhite House messagingGeorge Shultz
AudioNARA Description

On September 15, 1971, President Richard M. Nixon and George P. Shultz met in the President's office in the Old Executive Office Building from 4:44 pm to 4:48 pm. The Old Executive Office Building taping system captured this recording, which is known as Conversation 277-023 of the White House Tapes.

Nixon Library Finding Aid
Conversation No. 277-23

Date: September 15, 1971
Time: 4:44 pm - 4:48 pm
Location: Executive Office Building

The President talked with George P. Shultz.

[See Conversation No. 9-29]
Transcript (AI-Generated)

This transcript was generated automatically by AI and has not been reviewed for accuracy. Do not cite this transcript as authoritative. Consult the Finding Aid above for verified information.

But 900 is about what it's worth.
That's my opinion.
Where did it end today?
I think strongly tomorrow, in phase two, there will be, well, I'll repeat what I've said, that we've decided there will be a follow-on program before we expand crisis, and second, that it will end.
I'm going to use that now.
It's not the way I'm going to put it, it's just that I've decided that you can't have jawbone without teeth for jawbone.
And I'm going to get that over with.
I just thought that would be kind of cool.
And also, they see the older guys, we look at the concrete, you know, going around.
I must say, I think we've got as much as we can to do that.
You know, we've got to be able to do as much as we can to do that.
I didn't know if I wanted to come out.
Supporting me with the rate price rate and what.
It's a very, very rough course here.
And we don't go too far in forever.
But you look very good.
What I got to see is a message.
Rather than be kind of like this, I'll stand up and do it.
Ok.
Hilaria notary.
Shells, please.
Hello.
Hello.
George, you know, when you were talking about the, uh, the, uh, the, uh,
We have the, we were talking about the second quarter, which is, I remember, this is the third quarter of this year, and this year is the third one.
So, it looks like the third quarter of next year is the first time, which is the beginning, that we want to back down to.
Let me ask you.
Good, good, good.
Let me ask another thing.
It seems to me that, in terms of what I...
It's very important to set the stage to uncover perspective.
I think the perspective that is needed now is mainly to indicate that it's going to be effective.
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