Conversation: 500-030
Prev: 500-029 Next: 500-032Start Date: Tuesday, May 18, 1971 9:05 PM
End Date: Tuesday, May 18, 1971 10:34 PM
Participants:
Nixon, Richard M. (President); Shultz, George P.; Klein, Herbert G.; Lubar, Robert; Michaels, James W.; Young, Lewis H.; Bleiberg, Robert M.; Evans, Joseph E.; Wooldridge, [Pawhatan] Jack, Jr.; Brady, Raymond J.; Mulloney, Thomas; Fleiger, Howard W.; Loeb, Marshall; Bernstein, Lester; Gemmill, Henry; White House photographer; White House operatorRecording Device: Oval Office
Full Tape Conversation Start Time: 04:40:02
Full Tape Conversation End Time: 05:56:34
NARA Description:
On May 18, 1971, President Richard M. Nixon, George P. Shultz, Herbert G. Klein, Robert Lubar, James W. Michaels, Lewis H. Young, Robert M. Bleiberg, Joseph E. Evans, [Pawhatan] Jack Wooldridge, Jr., Raymond J. Brady, Thomas Mulloney, Howard W. Fleiger, Marshall Loeb, Lester Bernstein, Henry Gemmill, White House photographer, and the White House operator met in the Oval Office of the White House from 5:05 pm to 6:34 pm. The Oval Office taping system captured this recording, which is known as Conversation 500-030 of the White House Tapes.
Nixon Library Finding Aid:
Conversation No. 500-30
Date: May 18, 1971
Time: 5:05 pm - 6:34 pm
Location: Oval Office
The President met with George P. Shultz, Herbert G. Klein, Robert Lubar, James W. Michaels,
Lewis H. Young, Robert M. Bleiberg, Joseph E[arly] Evans, [Powhatan] Jack Wooldridge, Jr.,
Raymond J. Brady, Thomas Mulloney, Howard W[entworth] Fleiger, Marsahll Loeb, Lester
Bernstein, and Henry Gemmill; the White House photographer was present at the beginning of
the meeting; discontinuities appear in the original recording.
Greetings
Pictures
51
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
Introductions
Seating arrangements
Purpose of meeting
Foreign policy
Dinner
-Paul W. McCracken, Peter G. Peterson, Maurice H. Stans
-Decatur House
Economic policy
-President's May 18, 1971 meeting with legislative leaders
-Balance of payments, trade policies, quotas
-Future of US
-Impact
-Japanese and European production since World War II
-Edward R.G. Heath
-Labor, trade
-Japan
-East-West relations
-Dollar crisis
-US economic assistance
-US trade policy
-US defense policy
-Japan, Germany, Europe
-Protectionism
-Congressional sentiment, public opinion
-President's experience as Vice President under Dwight D. Eisenhower
-Business Council
-President's experience as Vice President
-Steel
-Japan
-Automobiles
-West Coast sales
-Business Council
-US competitiveness
-Peterson
-Research and development
-Great Britain
52
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
Shultz's role in meeting
Balance of payments
-"Dollar crisis"
-Economists' views
-Federal Reserve Board, Department of the Treasury, Council of
Economic Advisors [CEA]
-Milton Friedman's article Conv. No. 500-30 (cont.)
-German economy
-International monetary conference
-Bretton Woods
-Gold
-Arthur F. Burns’ position
-Japan
-Germany
-Administration policy
-Need for clarity of position
-Netherlands
-Switzerland
-Germany
-Belgium
-US interest rates
-Compared with European rates
-Exchange rates
-Fluctuations
-John B. Connally
-US interest rates
-Interest rates
-US policy
-The President’s position
US competitiveness
-Peterson
-Steel industry
-US share of world market
-Exports
-International lending
-Export-Import Bank, Inter-America Development Bank, World Bank
-Germany
-Lutshansa
-US policy
-Effect on US economy
53
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
-Trans World Airlines, American Airlines
-Stimulation of exports
-Boeing
-Subsidy
-Size, effect
-Henry Kearns
-Government subsidies
-Japan Conv. No. 500-30 (cont.)
-American producers
-Kearns
-Office of Management and Budget [OMB]
-Shultz
-Competition
-Japan
-Europe
-Germany
-France
-Latin America
-Africa
-Arms sales
-Melvin R. Laird
-US foreign policy interests
-Western Hemisphere
Inflation
-Monetary policy
-Budgetary policy
-Congressional action
-Full employment, full capacity
-Definition
-Balanced budget
-1958 Eisenhower administration experience
-Government responsibility
-Full employment
-Effect
-Health programs advocated by Senate
-Effect
-President's policy
-Vetoes
-Shultz
-Wage-price policy
-Labor-management
54
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
-Wage-price controls
-Inflation
-Monetary policy
-1968 experience
-Deficits
-Federal Reserve Board monetary policy
-Wage and price controls
Conv. No. 500-30 (cont.)
Steel
-Negotiations
-Steel industry
-Labor
-Wages, prices
-Productivity and investment increases
-Labor relations
-Strike in 1959
-James P. Mitchell
-Roger M. Blough and Conrad Cooper[?]
-Work rules
Organized labor
-Work rules
-Railroad strike
-Bechtel Corporation
-National Commission on Productivity
-Union leaders
-Effect
US economy
-Peterson’s forthcoming report
-Purpose of President's forthcoming speech
-Labor, management
-Current status
-Supersonic Transport [SST] vote, May 19, 1971
-Termination costs for Boeing
-Nuclear power
-Environment
-Tradition
-Competition
-Japan and Germany
-Defense capabilities
-People's Republic of China [PRC]
55
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
-Europe
-Great Britain, Italy, Spain, France
-Germany and Japan
-Economic role
-SST
-Time of flight to Paris
-Importance
-Automobiles Conv. No. 500-30 (cont.)
-Japan
-Costs
-President's meetings with heads of General Motors, Ford and Chrysler
-Airbags, seatbelts
-Effect of safety devices on costs
-American, foreign cars
-Environment
-Safety
-Steel industry
-President's possible role
-Workers
-Future
-Modernization efforts
-Compared with Germany and Japan
-President’s view on competition
-Public opinion
-Computers
-USSR
-Public opinion
-Labor and business leaders
-Future
-Military superiority
-Public opinion
-Labor-management bargains
-Congress
-Proposals regarding labor and management relations
-Wagner Act, Taft-Hartley Act
-Transportation
-Compulsory arbitration
-Railroad strike
-Reasons
-Public opinion
-Peterson
-Business
56
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
-President's meetings
-Leadership
-Labor unions
-Objectives
-Samuel L. Gompers
-Membership
-Great Britain
-Labor-management relations Conv. No. 500-30 (cont.)
-Congress, public opinion
-Taft-Hartley Act passage in 1947
-President's role
-Harry S. Truman's veto
-Effect of public opinion
-Productivity competition
-Antitrust laws
-Connally
-Regulations
-Sherman Anti-trust Act
-International competition
-Review by administration
-Mergers
-Tom Sullivan's statement at previous Quadriad meeting
-Shultz
-University of Chicago background
-Position
-Trends in last thirty to forty years
-Peterson's report
-Possible effects
-Trade policy
-Wage and labor management policy
-Antitrust policy
-Government subsidies for research and development
-Levels
-Desalinization
-Breeder reactor
-Benefits
-Energy costs
-"New water"
-Uses
-Program
-Office of Saline Water in Department of the Interior
-President's previous meeting
57
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
-Status of research
-Compared with Japan, Great Britain, Germany, USSR
-Government and private contributions
-Compared with highway program
-Texas, Oklahoma, Southern California
-Possible action
-Highway trust fund
-Legislation in current Congress Conv. No. 500-30 (cont.)
-House Ways and Means Committee
-Welfare reform
-Revenue-sharing
-Health benefits
-Tax reform
-Wilbur D. Mills
-Previous bill
-Review of tax code
-US competitive position
-Use of tax system
-President education
-Duke University Law School
-Charles Lucien baker Lowndes
-View on tax system
-Tuition tax credit
-Views of Treasury Department
-Connally
-Free trade
-US role in the world
-President’s view on protectionism
-Adam Smith
-Public opinion
-Protectionism
-Effect
-Time cover story
-East-West trade
-International monetary policy
-USSR
-Japan
-Textiles
-Eisaku Sato
-Trade policy
-Effect on American companies
-Regulations
58
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
-James M. Roche
-General Motors truck plant
-Orientation towards the West
-Importance
-Negativity ability
-President's legal experience
-Textiles
-Peterson Conv. No. 500-30 (cont.)
-Quotas
-Long-term
-American educational system
-Businessmen
-President’s policies
-Long-term
-Foreign affairs
-Vietnam War, arms policy, PRC initiative
-World War I and World War II
-Effect on Western Europe
-Trade prior to conflicts
Business editors dinner, May 18, 1971
-Decatur House
-Location
Foreign policy
-American people's responsibility
-American people
-President’s view
-Vision
-Practicality
-Pragmatism
-World War II effects
-Monetary policy
-International monetary conference
-Gold prices
-Interest rates
-Federal Reserve Bank
-US unemployment
-Importance of strong US economy
-The President’s policies
-International monetary situation
-Trade policy
59
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
-Labor relations policy
-Tariffs and quotas
-US tax policy
-Antitrust policy
Gifts
-Presidential cufflinks
-Presidential golf balls Conv. No. 500-30 (cont.)
-Presidential seal
-Donald McI. Kendall, Wilson Sporting Goods
-Cufflinks
-Cost
-Seal
-A Group interested in US policy in Israel
-Previous meeting with the President
-Golda Meir
-Relations with US
-Presentation of gifts
Tricia Nixon's wedding
-Preparations in Rose Garden
-White flowers
-Previous White House weddings
-East Room
-Tricia Nixon’s view
Democrats
Decatur House
-Ownership
-Daughters of American Revolution, Society of the Cincinnati
Shultz, et al., left at 6:34 pm.
Previous meeting
-Results
The President talked with the White House operator at 6:34 pm.
[Conversation No. 500-30A]
[See Conversation No. 3-60]
60
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 9/08)
Klein left at 6:34 pm.