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Conversation: 469-009

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Start Date: 18-Mar-1971 5:25 PM

End Date: 18-Mar-1971 6:22 PM

Participants:

Nixon, Richard M. (President)Connally, John B.Woods, Rose Mary

Recording Device: Oval Office

Full Tape Conversation Start Time: 00:31:14

Full Tape Conversation End Time: 01:29:17

469-009.mp3

NARA Description:

On March 18, 1971, President Richard M. Nixon, John B. Connally, and Rose Mary Woods met in the Oval Office of the White House from 5:25 pm to 6:22 pm. The Oval Office taping system captured this recording, which is known as Conversation 469-009 of the White House Tapes.

Nixon Library Finding Aid:

Conversation No. 469-9

Date: March 18, 1971
Time: 5:25 pm - 6:22 pm
Location: Oval Office

The President met with John B. Connally

     Greetings

     Connally’s schedule
                                             9

                         NIXON PRESIDENTIAL MATERIALS STAFF

                                     Tape Subject Log
                                        (rev. 9/08)



          -Connally’s health

Rose Mary Woods entered at 5:25 pm

     Editing changes

     Refreshments

     Editing changes

Woods left at 5:26 pm

     Connally’s meeting with Arthur F. Burns
         -Balance of payments
               -Federal Reserve staff in Washington, DC or New York
                     -Possible statement concerning interest rates
                     -Paul A. Volcker’s previous conversation with Burns
                     -Board of Governors
                     -Alfred Hayes
               -Connally and Burns
                     -Statement
         -Relations between Burns and Connally
         -Burns
         -Relations between Burns and President
         -Connally’s image
         -Burns’ statements to Congress
               -Investment tax credits
               -Social Security changes
               -Wage and income policy
         -Burns’ career
               -Chairman of Council of Economic Advisors [CEA]
               -Chairman of Federal Reserve
               -Counselor to the President
         -Connally’s public statements concerning Burns
               -Federal Reserve
         -Burns’ public statements
               -Chairman of CEA
               -White House staff
               -Secretary of Treasury
         -Tax policy
               -Jurisdiction
         -Burns’ statements
                                  10

               NIXON PRESIDENTIAL MATERIALS STAFF

                          Tape Subject Log
                             (rev. 9/08)



      -Social Security
      -Response of others
            -Possible outcome
            -Effect
                  -Federal Reserve System
      -Monetary policy
      -Congressional testimony
            -Reasons                                      Conv. No. 469-9 (cont.)
      -Possible outcome
            -Social Security
            -Investment tax credit bill
-Previous Quadriad meeting
      -President’s behavior
            -Reason
                  -Paul W. McCracken and George P. Shultz
      -Burns’ statements
            -Reason
            -Connally’s response
-Forthcoming meeting of Burns and President
      -Burns’ support for President
-Burns’ statements
      -Possible outcome
-President’s decisions
      -Connally, Burns
            -Advice
-Burns’ staff
      -Economy by 1972
-Forthcoming meeting between Burns and President
      -Connally’s view
            -Economic policy
            -Relations
-Burns’ career
-Forthcoming meeting between Burns and President
-Burns’ actions
-Influence with President
      -Cabinet
      -Burns
-Forthcoming meeting between Burns and President
-Burns
      -Possible outcome of actions
            -Influence on economic policy
      -Contribution to administration
                                        11

                     NIXON PRESIDENTIAL MATERIALS STAFF

                                Tape Subject Log
                                   (rev. 9/08)



     -Forthcoming meeting between Burns and President
     -Burns
          -Shultz, McCracken
          -White House staff
                -Monetary policy
     -Burns’ relations with President
          -Burns’ actions
                -Outcome                                   Conv. No. 469-9 (cont.)
                      -Treasury and Federal Reserve
     -Burns as CEA chairman
          -George T. Humphrey
          -Gabriel Hauge
          -Vice President Spiro T. Agnew
          -Oveta Culp Hobby
          -Jim [James P.?] Mitchell
          -A Cabinet meeting
                -President’s statement
                -Mitchell
                -Humphrey
                -Dwight D. Eisenhower
     -Relations with President
     -Connally’s relations with Lyndon B. Johnson
          -Changes
          -John F. Kennedy advisors
          -Compared with Burns’ relations with President

Burns
     -Forthcoming meeting with President
          -Topics of conversation
               -Connally’s view
               -CEA
               -Office of Management and Budget [OMB]
          -Burns’ public statements
               -Monetary policy
               -Tax policy
               -Wage and price controls
          -Burns’ jurisdiction
               -Effect on President
     -Forthcoming Quadriad meeting

Consumer Price Index
    -President’s previous talk with Shultz
                                        12

                     NIXON PRESIDENTIAL MATERIALS STAFF

                                Tape Subject Log
                                   (rev. 9/08)



     -New figures compared with previous month
         -Food prices
         -Effect
               -Inflation rate

Personal income and industrial output
     -March figures
     -Car sales                                               Conv. No. 469-9 (cont.)
     -March figures, April 15, 1971
     -First quarter figures

Economy
    -Administration policy
    -Burns, Quadriad
    -Prices
          -Burns
    -Milton Friedman
    -Market response
          -Unemployment and inflation
                -President’s view
    -Forecast
          -March figures
    -Shultz
    -Economists
    -Growth
    -Possible changes
          -President’s policy
                -President’s view
                -Consumers
    -President’s talk with a friend in New York City
          -Observations on a boxing match
                -New York City restaurants
                -Response
                      -Rose, Sugar, and Super Bowls
    -General Charles A. J. M. de Gaulle’s remarks on France
          -Public opinion
                -Effect of Vietnam War

Vietnam
     -President’s November 3, 1969 speech
           -Effect
           -Johnson
                                        13

                    NIXON PRESIDENTIAL MATERIALS STAFF

                                Tape Subject Log
                                   (rev. 9/08)



     -Public opinion
           -Effect of past actions
                 -President’s view
     -Military action
           -Laos
                 -Effect
           -Casualties
           -Effect                                       Conv. No. 469-9 (cont.)
                 -Troop withdrawals
                 -President’s forthcoming speech
                 -Draft
     -General Nguyen Van Thieu
     -President’s goals for South Vietnam
     -Communism
           -President’s view
     -Effect on public opinion

Soviet Union
     -William P. Rogers and Henry A. Kissinger
     -Strategic Arms Limitation Talks [SALT]
           -Effect on public

Vietnam
     -Public opinion
     -Johnson’s actions
          -Democrats and the “Establishment”
                -Eugene J. McCarthy
                -Effect on public opinion

US in 1969
     -Compared with 1967 and 1968
           -Urban and campus unrest, economy
     -Justice Department under John N. Mitchell
           -Compared with W. Ramsey Clark

Economy
    -Current situation
    -Youth wages
    -Review
         -Connally and staff, Shultz, McCracken
         -Possible changes in policy
                -Taxes
                                    14

                NIXON PRESIDENTIAL MATERIALS STAFF

                            Tape Subject Log
                               (rev. 9/08)



-Administration policy
      -President’s view
-President’s meeting with Heads of State
      -Balance of payments
      -Other countries’ economies
-Burns’ comments
      -Effect
-Public opinion                                      Conv. No. 469-9 (cont.)
      -Connally, President, and Burns’ roles
-Review
      -Taxes
-Budget
      -Connally’s view
      -1065
      -Deficits and revenues
      -President’s policy
            -Spending
-Taxes
      -An unknown man
      -Banks
      -Savings and loans
      -Need to increase spending
-Public opinion
      -Burns
-Monetary policy
      -Burns
-Interest rates
      -Connally’s statements
      -Timing
            -Fluctuation
            -Benefits to Administration
            -November 1972
            -1971, 1972
-Unemployment
      -Fluctuations
      -1971, 1972
-Inflation
      -1971, 1972
-1065 in budget
      -Unemployment in 1971
      -Inflation by November 1972
            -Lending institutions
                                            15

                        NIXON PRESIDENTIAL MATERIALS STAFF

                                    Tape Subject Log
                                       (rev. 9/08)



                     -Businesses
         -Business and labor
         -Housing
         -Interest rates
               -Connally’s view
               -1971, 1972
         -Columnists
         -International banking                               Conv. No. 469-9 (cont.)
               -Columnists
               -Balance of payments
                     -European banks


******************************************************************************

BEGIN WITHDRAWN ITEM NO. 4
[National Security]
[Duration: 16s ]


    NETHERLANDS


END WITHDRAWN ITEM NO. 4

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                    -Adolf Hitler
                    -US troops in Europe
                    -1969 compared with 1971 interest rates
                    -Gold
                    -Netherlands, Switzerland
         -European bankers’ meeting
              -David Rockefeller
              -Herbert P. Patterson
              -Vice President of First City National Bank
         -Balance of payments
              -Possible statement by President or Rogers
                    -Secretary of Defense
                          -US troops in Europe
                    -Effect
                                       16

                    NIXON PRESIDENTIAL MATERIALS STAFF

                               Tape Subject Log
                                  (rev. 9/08)



                -Soviet Union
                -Middle East, SALT
                -Effect
     -Dutch ambassador
          -State Department luncheon
          -[Forename unknown] Tezarny [sp?] comments
                -US economic policy
                                                               Conv. No. 469-9 (cont.)
Economy
    -Taxes
          -Burns, President
    -President’s forthcoming meeting with Burns
          -Monetary policy
    -Wages and prices
          -A previous meeting
               -Romney, John A. Volpe, Winton M. (“Red”) Blount, Maurice H. Stans
          -Possible freeze
               -President’s concern
               -Effects
               -Connally’s view
               -Wage and price bureaucracy
    -President’s role
    -James D. Hodgson
          -Possible agreement with labor
    -Labor
          -Blount
          -Congress
               -President’s legislative proposals
               -Transportation
          -Blount
          -Unions
          -Possible legislation
               -Timing
                      -Connally’s view
               -Effect
               -Timing
    -President’s forthcoming meeting with Burns
          -Quadriad meeting
    -Forecast
          -Review
    -Stans, Hodgson, Blount, Volpe, Romney, Clifford M. Hardin
          -Possible meeting with President
                                             17

                            NIXON PRESIDENTIAL MATERIALS STAFF

                                     Tape Subject Log
                                        (rev. 9/08)



                -Forthcoming Cabinet meeting
                     -Effect

     Lockheed
         -Forthcoming week’s developments
         -Supersonic Transport [SST] vote
              -Environmentalists
              -Liberals                                           Conv. No. 469-9 (cont.)
              -Future in Senate
                    -Warren G. (“Maggie”) Magnuson
                    -Henry M. (“Scoop”) Jackson
                    -Connally’s forthcoming meetings
                         -Lloyd M. Bentsen, Jr.
                         -John Sherman Cooper
                               -J. N. Mitchell
              -President’s position
              -Future
              -Liberals and environmentalists
         -Forthcoming developments

Connally left at 6:22 pm