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Oh, yeah.

What do you think?

He's right about that.

I saw the business man, he's been on the board meetings.

Well, they're not about the business meetings.

For example, others in the Justice Department, they all have a trust and that sort of thing.

Because they make this administration crusty.

It may be talking about the ones he talks to.

Yeah, that's a harder thing to think of.

In fact, it is a case that's very curious.

If the American business community about this empire go on, if it's that bleak and that negative, you know what I mean?

What the hell?

That's it.

You never know.

Mr. President, Senator, can I move this here?

I'll sign.

I'll give you a question.

Thank you very much.

Yeah.

That's what I was trying to remember.

I knew there was something.

It was an odd thesis.

I think I just told a very old man that.

I don't know.

I guess we did it wrong.

I think it was mostly that.

That's it.

That's what bothered me, Terry.

Eglint Mitchell.

See, he's very anti-Mitchell.

Nothing.

Of course, Matt got very upset about the...

the whole business of trying to hang us with the, hang Mitchell, really, with the, uh, Black Panther genocide and the Black Panthers, which we didn't perform after.

And, uh, that's something about it.

We, he came in around saying we're not doing it.

That, uh, I think he got put to rest, and he deserves the credit for it.

That Epstein story in the New Yorker, and, uh, all of the, uh,

He told me that he was back in Harvard.

He said, nobody's speaking to him.

He said, that's all right.

He said, I don't like that.

He said that very deeply.

He said, nobody's listening to him.

Very simply.

I wondered, that's really true.

I think it is.

Of course, he's probably very sensitive.

On the other hand, you know, they're probably a little, uh...

They kind of, you know, how they are, like what you eat.

Yeah.

Their bubble is going down.

I mean, it's never easy.

I mean, your petty is heavy.

I mean, I guess you're coming home.

Why don't you come down tonight?

Come down tonight?

I think he is.

So they have a bubble like that right now, man.

And he makes, I suppose, a...

is worthwhile and not long in the center of it.

And I think the importance of not letting the lies and so forth get across.

I mean, it's not even about them.

It's about the U.S. and everybody.

I believe that if you look at the rank and field, the American business community thinks that this administration is repressing and all that sort of thing.

Screw it.

I mean, it's just not worth saving.

That's my feeling about it.

I just don't think they've got any more.

I don't believe that the kids are doing that.

Yeah, I don't think they do either.

I think there's been a lot of overreaction on the part of parents to their kids.

Yeah.

Okay.

Take that.

Great.

Now, don't shoot.

I'll watch you.

I think he must be subject to life or something.

Hi, how are you sir?

Hi, hi.

How are you sir?

Hi.

Um, just wanted to meet you.

Welcome to Whitby.

I'm Mr. Jerome.

What's your name?

I don't get searches all the time.

Yeah, I don't either.

We love the barrier search.

We've got to have that thing over and happy again.

Well, I knew the word, and I didn't know my paragraph exactly.

And I thought it would be done in a little bit.

You know, it would be, it would be in August.

It would be in August.

I mean, I can't do, uh, I don't know.

But, you know, the difficulty in their case, John, the girlfriends, is that they have to do the girls.

They have to, you know, have those two moms with them.

This is always one of the better guys.

and he wasn't sure that I mean that.

And Martin Luther King was so mean.

But nevertheless, in a group of people that produced 30 people of quality, there was a difference in quality.

And so that's why we didn't have to go all out for it.

But I hope that we have a better time.

And also,

It isn't a question.

It's true.

This, in the end, was a disfavor to the colonists.

They can't hack it.

You know, they go to these universities now, and they're not separated because, you know, for the city department, they're against the rest because they just can't make it.

I mean, they just can't do it.

They have a different, I say they, most of them, simply have a different kind of mental awareness than their white people.

They have, they think more emotionally.

or go ahead in terms, perhaps.

Now, a field of athletics, they don't give anything to anybody.

They don't.

They can give, but it's going to be quite a few, I don't know, hundreds of years.

And it's going to involve a long process of education before you can really say, well, that was...

And he's sitting there, seducing the police.

Broke.

He broke.

Well, in the art and so forth, you know, it's a, I say to you, I saw him once in the service of the Cotton Club, or the Cotton Club, or the Cotton Club, or the Cotton Club, or the Cotton Club, or the Cotton Club, or the Cotton Club,

I think very well.

I'm over being with the airlines, the American airlines essentially.

The British are showing much more tractability.

They're very concerned that Lockheed's going to say, no, they're over here this week.

The deal that he's going to make with Lockheed and his old government,

I think both of us, at least we're still behind the scenes.

We've got a lot of names to help still negotiate.

For God's sake, that's the way we're going to leave them on our team.

I don't know, man.

I would have to talk to this man on the phone.

So, with your input from the airlines, Delta, Houston, TAA, and Saturn, 243, as to what about, they'll stay with Lockheed if they go the road, or if they don't, they go over and they can keep him.

So, we're going to be pretty calm, because if one of them quits,

They don't have no orders, no wages.

There's just no wages.

Because the Customs don't have enough orders left.

The orders are barren from time to time.

I see.

I have very serious doubts that they're going to be very competitive.

They think they can.

But I've got to be.

We all can.

I'm the authority of the subject.

Everybody looks at it.

It's going to have to have about 300 airplanes.

Before I even...

And as of the present time, they have orders for roughly 100 with options for another 75.

Now, that's the best picture they can present, about 175 planes.

I was going to say, for about a year, it's reasonable to assume that they're going to sell some planes.

If they get in production, it's possible that they've made 300 planes.

But even though that puts them in a position of breaking even, nevertheless, that's still, during that period, even though they just break even, they still bail out their suppliers and their bankers and everybody else.

So even though they don't make any money, they bail the whole deal out of their share.

So anyway, it's going well.

You've got the...

You have everybody, everybody's lined up like we wanted.

Yes, sir.

And no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no.

and they all understand what you want to do, but we'll evaluate it again for you before that time.

When we go to the Congress, I've got smack down on the line in terms of jobs, and one reason we've been playing is as close as we can to our chest, we don't want to

We don't want to inject this issue up on the shelf by this SST thing.

So I can see that.

So we're hoping we can survive with negotiations and so forth for a couple of weeks.

We're trying to get $13 million through the export import bank.

They've done all they can through defense.

We're processing a $7 million claim for refund through the IRS.

uh to try to get them financing so they don't have too much more problems hoping that we install this thing for a couple of weeks before we get to the city and the committee yesterday forwarded out sst in the house that we could get a little sst and you know all they need is to be triggered by a debacle in lockheed or something of that kind it might it might have partially affected we're not sure but

We don't want to have virtually the same effect as the SST.

I noticed the SST, of course, had two careers.

The House has had around for the Senate.

And the huge combination of RAs, I mean, you can expect them to go from the cursory to the proximate.

I heard we're going to get, you know, a show of those around.

The thing about that, what in the hell do they want this country to be?

Do they want us to build anything?

They want us to get out of space.

They want us to get out of the SSG.

And what in the name of God do we build?

And they want us to get out of the TASC.

Tell them, of course.

And they want us to mobilize.

It's none of their business.

Well, it quits all the space on us.

You notice that it's unbelievable.

You notice how I hit a rocker with it when I hit the line.

I did it with a soldier.

And I was sort of working on it.

I had to reverse it through isolation.

Well, there's no other question, are there?

If they hear a sense of need for that charge, it seems to me they will react and get on with it.

They'll try not to do that because basically they want us to not compete with them.

There was a little thing that I won't tell you, I'll tell you in comment later.

We have countered and done any dumping activities where they ought to be.

So we're looking to move through that kind of discussion, and we're looking to beat that.

And I'm sitting worried about you.

I'm going to tell some of the leading Japanese investors that while they want you to cut them into this country immediately, which is there out there in Japan, I'm going to tell you specifically to Canada that Canada has to find a manufacturer of a little portable calculator.

that was embedded in this country.

All of the components were made in this country.

And you get to Canada, and they're produced with simple materials in Japan.

And you get back now, me, is saying to Canada that they got to buy 50% of all the components, at least 50% of all the components for that computer in Japan.

Now, this is how far they go in trying to get business.

And hell, it was developed by an American company, Texas Century.

It was developed in Vegas by all the components, all the solid-state components, everything.

The readout tape.

And now they're trying to sell it in the can in spite of their...

in which the P.I.s gave them the damn practice and all, and put them in business.

And in spite of that, the media's now saying they have about a 50% of their opponents not from P.I.s, but from the Japanese phone companies.

I mean, this is one example.

And I'm not saying that if you all, if you all agree with me, I agree with you, I'm sure.

But we expect you to agree with me, too.

I don't know why I say this.

Thank you.

And I don't, I just can't believe that the Japanese can sit there, if you've got any cards, and not try to do something.

But you've got to, what you're doing is just something you do.

It's the only language we can use.

I just want you to know that we're going to try to hurt, hurt him any way we can at any time or so.

You can tell me it's pretty good or I'm not good.

I guess I'm the difference between all these and everybody else.

This business is not good.

One of the things I want to change the code is my decision.

Uh, it's about music friends.

Uh,

Twenty-five years ago, oh, more than forty-five years ago, 1925, Congress passed a law in effect saying banks can't make political contributions and so forth.

And for forty-five years, nothing's been done about it.

The Department of Justice broke the case out of the pile.

The likes of the cause, the man, Lonnie Crawford, as you might recall, reported that he borrowed money from a bank to use in his political campaign while they

for some reason last year said this was a violation.

Now they've invited the Frost National Bank in San Antonio for a $7,500 loan, which was an individual who put it into Crescent Smith.

I wouldn't agree for Crescent Smith, but my top, our people got the top check.

And I said, let me see what report y'all would send over there for justice.

Well, L.A. did send them all.

They sent them over to justice, so justice got pennies in them.

and people who have made loans for political crisis.

I talked to John Mitch tonight.

I talked to Bill Wilson tonight.

And this morning, I called him and I said, now, Bill, you put out an order today

And to every bank, to every bank examiner, that there is no longer any report of this kind of justice.

You hold the law.

Good.

Now, if any question arises, you tell them you did it on my part.

And that you consulted with me before you put out the report.

And we said, no, there is no such report of this kind of justice.

And I said, I'll prepare a name for you to say.

We held up.

We're not going to make any more reports.

So that's what it is.

That's not the way the statute should apply.

Everybody, um, political parties and divisions, everybody borrow money from banks to produce it.

Campaigns and campaigns borrow huge amounts.

Individuals, which is what a lot of people want to know.

People are at $175,000 for one thing, $100,000 for another thing.

There's something different with both of the committees that are going away.

You know, they'd love to get over something like this K-Walker thing.

Or $100,000 that he spent on it.

People are at $100,000.

That $10,000 is no good.

Well, they've just got to knock it all over the country.

It's got to be used up anyway.

It's got to stay out of it.

It's got to be used up.

You know, when I look at this, it means that anybody that has anything,

I thought this was going to be a great honor call.

That's what it is.

And he yielded it to Frankie the laborer.

And I said, the laborer, you mean this?

And that's precisely why Mount Nations, Jackass organization, you know, that's what it is.

Because that's basically the kind of people who would borrow money.

Jackass people are people of substance.

They don't show you the other people.

They're the other people.

I mean, they are substance.

I mean, I couldn't agree more.

But that's what it is.

Oh, I haven't talked to him.

I haven't seen him.

I haven't talked to him.

I talked to you about the general follow-up.

I know they can't put out this order.

But everybody else is doing fine.

I talked to Pat Hackey, the current commissioner of tax management, the other day.

It's just not speaking.

I spent an hour with him this morning.

He's got some good ideas, and we would love to see what we can do.

This is with respect to research and universities and the scientists and engineers.

It's not worth anything.

Yeah, and he said he had an idea.

It's a good idea, and we would kick it around, and he could come back to you with some kind of a paper on him.

Or some kind of a proposal.

Right.

It looks like it's going to happen.

I don't know what the hell the story is, but, you know, I was the investor in production figures.

That index, you know, they all vary up and down.

If you look over, it's not as much the prognosticator to the fact that it's not a measure of, it does not measure the total of the economy.

As you know, in industrial elections, there's no freedom in these services, not particularly in Washington, D.C. That's not what it is.

One of the things that we're fighting right now,

And I tried, what I said is, I didn't try, I said, you know, I just said that we need some industrial leaders and some labor leaders to get out here and assume a role of leadership if they have a stake in this too.

You see what happened?

You never fixed it.

I don't know, you know, Metropolitan.

He was in Houston, Texas yesterday.

Just to give you a classic example of what's happened.

He says to a group at a luncheon,

for the top business leaders in Houston who borrow money.

He said this to them, as he related secondhand to me, that the money will become tighter this fall, and that they calculate there will be an annual 5% inflation throughout this decade.

And that therefore, in order to make any kind of return at all, that they have to get at least 10% interest on money.

And that as businessmen, they ought not to count on being able to get any long-term loans for less than 10% interest.

Well, you know, you can imagine what this does to the first place.

And one of them was telling me about it last night, and I said, well, first place, he's affording something that ought not to be affording.

He's trying to have a 5% annual inflation increase.

And I said, if we can get this thing going, if he'll help us, he's talking that way, we can knock this inflation down where we're not confronting that.

And I said that the second place meets the short one in the next couple of years.

He's not going to be loaned any money at all.

He keeps talking about 10%.

He'll tell you we're not going to get any reinvigoration of this economy.

But this is what we interpret now.

That's right.

The business, on the other hand, are bigger guys.

The business is bigger.

They're doing pretty damn well.

The bankers have done well and all the rest.

And, you know, one thing about the soccer, a lot of those guys, those guys that we know, a lot of those guys have often been successful.

They may not have forged, no question.

Mr. President, I saw it coming myself.

I didn't have any money, but I said, my God.

Specifically stocks, I remember.

I remember I made the statement.

I said, you ought to buy stocks.

Well, actually, eight months ago, they had everybody.

That's right.

I came up here.

I sold out.

I tried to get my business as clean as I could.

The tax assessment said I paid $134.

I sold for $37.

That's $102.

That's $60.

That ain't it.

It's up from 77 to 102.

Haliburton is up to, it's all-time high here.

It's about 55 million.

Yes, it's one of the world's largest.

I know they have it at some point.

And General Corbett's and Anthony's and some of those stocks, I saw them.

Every one of them were up.

Tyler McDonough's, the Tyler Corporation, I saw it last summer.

It did $7.

It's now $18.

And I knew they're not closing.

They were back.

They were up beside one.

Where is this guy at?

The, in my judgment, the dialogue will hit 8, it will hit 9.50 in the next 50 days.

John Bullard, U.S. Steel, Westinghouse, General Foods.

These are some of the big ones in the index, in the Dow Jones index.

And they're going to carry this thing to about 950.

Now, the smart people, or some of the smart people that I know and agree, think that, precisely what I'm telling you, that they're going to carry this Dow Jones to 950.

And then they will sit there and watch it.

They will see whether or not this money really begins to come in with individual investors.

But they want to exit the question of what's going on with 950.

It'll rot in a short period of time.

Then it'll sit and see something to see whether it's going to attract, whether the money, if it does, it's going to get, that will be over a thousand before the end of this year without any question.

I think it's a basic thing.

What is needed here is sort of a, there needs to be one that you trade.

It needs to be a general attitude of confidence, not all that expressed by everybody in the administration.

And as you said, these damn people in the business community, like the business council group,

Well, they must be saying correct.

I've told all our people in meeting with the bankers and so forth.

Of course, the bankers, you know, they have a hard time swallowing this because this is their bread and butter.

But I've said to Mr. Cullen, if I got it, I can track it.

And frankly, I, at some point, I'm not sure I don't know any better way to say it to drive this long-term interest rate down.

I'm not sure that I ought to say or somebody ought to say, maybe you ought to say, that if these long-term rates don't come down, where we can ease our economic problems, it may be that we'll have to re-institute a Reconstructive Finance Corporation.

or this type of government-lending agency to take care of the American economy.

And I said, could that be more readily understood as an issue?

And after all, that was a Republican agency.

It wasn't a Democrat agency.

It got its notoriety in the group of Jesse Jones and President Hoover started it.

But we have traveled a little bit in the right direction.

Then he goes on to say that he tells him

non-coach, social security, pay to be co-coach, etc.

out of the general revenue, and encourage his heart to be included in the bill for the purpose of creating a saving investment tax credit.

Now, the point is that what we have here is a situation where he currently feels he must be down on all subjects.

He's got to be increasing his mean.

He's got to be good.

Bill Martin usually got quite a bit off the budget and off the benefits.

I'm kind of wondering what our next line is.

Do you think the time has come for me to

I don't know what I can do with Mr. President, but he and I get along well.

He has an instinctive, I won't say trust, he has an instinctive awareness.

I guess it's a funny word to read, because he thinks that I can't feel my way around a little bit of appeal.

You know your way around politically.

And he knows me not necessarily.

That's right.

And he works on it.

He works at it.

And I catch him all the time for the things he says.

And I'm criticizing for this man.

First of all,

Both Schultz and McCracken, he considers to be basically younger than he is.

They are younger than sort of his pupils.

And therefore, and they both used to work for him, and therefore he pays attention to them.

So they're out of the game.

Now, that's unfair.

Schultz knows more about economics than he does, as a matter of fact.

But that would be wrong.

Now, in terms of the games, how did we cut it?

The bullets we've got is, we've got you.

Of course, I had to come to a certain time.

My taking on the Fed, of course, is enormous.

That's something we do, that we have an enormous place here.

In fact, if you don't want to, you want to avoid it.

On the other hand,

It seems to me that he may be moving toward a relationship with Chris.

Well, not necessarily with Chris.

Now, I talked to Pete.

It was yesterday, I suppose.

The day before.

The day before yesterday.

He called me at noon and told me, he said, I've just had a call from a friend of mine.

who told me he was going to drop the bill and call it a 10% investment tax hike.

He said, now they didn't mean that 10%.

He told me that, but he said he's got some trade to do with that.

I said, I don't want to call it to you, but you know that this is going to happen because of what it is.

You're going to be queried.

And I said, well, so are you.

And I said, what are you going to say?

Well, he said, I'm not going to say anything.

He said, I've already talked in these areas too much, and I've reported too much in these types of areas of your affairs.

And he said, I don't propose to respond to any questions from the press at all.

And I said, well, that's great.

I said, I'll try to be prepared.

And that was about a conversation.

I said, I appreciate you calling and tell me about it.

So I immediately called George Stewart.

He told me that.

I didn't get it until about 4, 35 o'clock yesterday afternoon.

But anyway, I told him because I wanted the word to get over here.

But I didn't want this thing in my head.

And it hadn't hit yet in my mind.

But the second thing is that Burns called, number one.

Number two, he said, I've said too much about some of these things in other areas.

And I'm not going to respond to the press.

So, this is going to be, it may be an operator, and I don't mind, I don't mind that he's been drawn out of his testimony more than he intended.

Well, I think, I think that he feels, you know, that he has to answer every question.

He does, he feels that.

You know him much better than I do.

He has a tremendous vanity.

Oh, yes.

And he goes, he just doesn't like his men.

Definitely.

One, the only thing, or two, is he doesn't know any of his problems, so he doesn't have time for himself.

Exactly.

Now, those are two things, and he gets before a committee, he just says what he really needs to say.

Let me say this.

First, he indicated at our last meeting that he would like to come talk to me.

Obviously, I will always talk to him, but it was necessary.

I did not want to come over until we had relaxed the world a little more and we know what we want to talk about.

I was wondering if you would just have a talk with him, or maybe you could have the first talk.

And then, maybe what should happen is that maybe the three of us should have a talk.

Let me put it this way.

I think that

He obviously has a burden and a choice.

He doesn't have a crack.

All the matters I say for the man, he feels they are just his pupils.

They shouldn't be questioning the great masters.

I understand that.

That's pretty clear.

And he does say that he has a, he thinks that he does.

That's right.

That's correct.

So since they figured that, he does not get any doubt about you.

So, therefore, you still, you haven't struggled.

Otherwise, it seems that you could talk to me privately.

And this is the plan?

Yes.

Or do you want me to get you?

No, no, no.

Let me talk to him.

All right.

I don't want to hear what I want to say.

I've been trying to stay out of your business.

And I said, to some extent, I've gotten into it.

But I've gotten into it a hell of a lot less than you've gotten into mine.

And I just said, now, one or two things will happen.

If you and I don't lock on, or if you and the President don't lock on, if you want to maintain the independence of this Federal Reserve System, you'll have quit talking about wage and price policies and fiscal affairs.

I said, it's not your business.

I said, sure, you're knowledgeable about it, but what the hell, you're running the Federal Reserve now.

He may talk about this, but we put the whole budget by him.

He agreed with me.

But the President talks about monetary affairs.

His business affairs, his business is a tremendous venture.

And also, when he gets into the business of what tax rates are, we ought to have

And this and that, damn, that's not his business.

And whether or not Social Security ought to be paid to go around, that is not his business.

You know what I mean?

Social Security should be paid to go around.

But his testimony is true.

They've got Russell Long ready to go to Tennessee to go around.

We put it over.

All that means to us is they take out a revenue share and so we'll have to relax and tell them, well, we've got to go along with it.

Sure, we've got to go along with Social Security.

But we could have opposed it with the tax to face $709,000 this January.

What is next January?

It's not a, you know, if they hadn't tried to go along.

Sure.

Well, I don't mind talking to him.

I'll do it in the next two days.

If he's in town, I'm sure he is.

And this person, I'll be perfectly frank with him, and I can't be.

I like him, and we'll tell him, sure.

But I'm just going to lie.

I'm going to say what I say to him, and we might as well understand each other.

And the other thing is that we've also got to understand each other, I think, too.

However, he has his bug that the effect of the interest rate should not go down.

By God, they should.

Well, and second, he's also wrong in terms of the monetary supply.

Everybody except our agreements, it ought to be higher.

And let's just keep hitting on that.

All right.

That didn't balance out the other tree.

It still didn't come to 5%.

September.

did it to me, of course, but apparently he did, because everybody says he did, and it's below that, from September up through February.

Well, I'll tell you what, I'll wait for your signal, John.

You can talk to him.

Any time you talk to him, you can say it, but be sure that we...

I ought to talk to him about that.

We believe that it's important that you just say what you put in these terms.

You, he, and I really have to pay this gun in our hands.

I said it for the whole group, but let him play to his man with that exact song.

He knows that when it's true.

Now we can play this with him, but he must not be going to Becker's.

You know, he can't embarrass the administration on that subject.

And he's got to realize that I have to defend Schultz, and I've got to win.

And they're my men.

You know what I mean?

I heard from his independent management, just because they were younger than he is, he said, oh, they don't know anything.

Well, I will not be in kingdom.

I'll say to him that he asked that people would talk about general.

But I said, you didn't ask me to come here.

Yeah, I won't say to him.

Just to your guy, he said, yeah.

for the future.

I'm coming on my own.

I know that for a few years, because we discussed the general subject.

But I want to come see you.

Because I know you've asked to see him, and I don't know when you're going to see him, and that's none of my business, but I will say, you know he wants to see you.

That's what I mean.

That's right.

But then I'm going to leave it on that basis.

But my coming to him is my idea, and I'm coming, I'm going to lay it on the line before he has this conversation with you in an attempt, one, to be sure he and I have an understanding, number two, to try to be helpful.

that he'd have to irritate you, and boy, I won't clearly indicate, but I said, I think both of you should irritate me very, very clearly.

And the last time I grabbed him, he wanted to eat me.

And I said, I would rather starve him than use that one.

However, that's the way it's going to be.

So everyone is there any time you're ready?

All right.

All right, exactly.

Keep going.

I'll come in the other way.

All right.

No, that's all right.

All right.

And let's talk to the Secretary of State.

He's going to need to put, he's going to need to carry the ball to the Secretary of State.

I'm going to hold him to an appropriate time.

I've already walked Romney first.

Romney first, and then the two terrific words.

The Secretary of State will handle this himself.