Conversation: 514-008
Prev: 514-007 Next: 514-009Start Date: Tuesday, June 8, 1971 3:06 PM
End Date: Tuesday, June 8, 1971 4:00 PM
Participants:
Nixon, Richard M. (President); Haldeman, H. R. ("Bob"); Bull, Stephen B.; Shultz, George P.; Friedman, Milton; Atkins, Oliver F. ("Ollie"); Sanchez, ManoloRecording Device: Oval Office
Full Tape Conversation Start Time: 00:59:40
Full Tape Conversation End Time: 01:47:32
NARA Description:
On June 8, 1971, President Richard M. Nixon, H. R. ("Bob") Haldeman, Stephen B. Bull, George P. Shultz, Milton Friedman, Oliver F. ("Ollie") Atkins, and Manolo Sanchez met in the Oval Office of the White House from 11:06 am to 12:00 pm. The Oval Office taping system captured this recording, which is known as Conversation 514-008 of the White House Tapes.
Nixon Library Finding Aid:
Conversation No. 514-8
Date: June 8, 1971
Time: 11:06 am - 12:00 pm
Location: Oval Office
The President met with H. R. (“Bob”) Haldeman
American Committee on Italian Migration
-Photographs
Peter G. Peterson Congressional briefing
-Allen amendment
-Voting
-Reception
-Queen Elizabeth II’s garden party
-Alternatives
-Adjournment
-Conflict with garden party
Lyndon B. Johnson’s visit to Washington, DC
-Johnson’s schedule
-Jake Nichols
-Breakfast invitation
-Madison Hotel
11
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/08)
-Presidential suite
-Past Nixon/Johnson visits
-Johnson letter to Nixon
-Nixon library
Press conference
Polls Conv. No. 514-7 (cont.)
-Approval/disapproval question
-Format
-Meaning of question
Stephen B. Bull entered at an unknown time after 11:06 am
President’s schedule
Bull left at an unknown time before 11:17 am
-Need for question
-Demonstrations
-Marijuana question
-Use in upcoming poll
Strategic Arms Limitation Talks [SALT]
-John A. Scali
-Henry A. Kissinger
Haldeman left and Bull, George P. Shultz, Milton Friedman, and Oliver F. (“Ollie”) Atkins
entered at 11:17 am
Japanese talks
Bull and Atkins left at an unknown time before 12:00 pm
Friedman’s thoughts on economy
Manolo Sanchez entered at unknown time after 11:17 am
Refreshments
Sanchez left at unknown time before 12:00 pm
12
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/08)
United States economy
-Attitudes
-Wage controls
-Policy versus lack of policy
Sanchez entered at unknown time after 11:17 am
Sanchez left at unknown time before 12:00 pm Conv. No. 514-8 (cont.)
-Friedman letter
-Appropriate economic measures
-Political judgement
-Future of dollar
-Hubert H. Humphrey intentions
-Edmund S. Muskie intentions
-Edward M. (“Ted”) Kennedy intentions
-Henry M. (“Scoop”) Jackson intentions
-Economic changes
-Inflation in the future
-Unemployment in the future
-Overall outlook
-Reasons
-Economic cycles
-Arthur F. Burns’ view
-Repetition of mistakes
-Interest rate rises
-Short range versus long range
-Overall view of economy
-”Filter down” of money
-History of last recession
-General Motors [GM] recovery
-Consumer status
-Polls
-Questions
-Records
-Recession end
-GM strike
-Interest rates
-Controlling factors
-Construction
-Government borrowing
-Demand
13
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/08)
-Behavior
-Focus of economic plans
-Effect time of economic changes
-Cost of living
-Price rises
-Political damage
-Unemployment
-Political implications Conv. No. 514-8 (cont.)
-Public reaction
-Democratic economists
-Political judgements
-President’s creation of recession
-Democratic view
-Job creation
-Wage and Price Board
-Burns
-Interest rates
-Economic analysis
-Humphrey
-Segment analysis
-Overall analysis
-Performance
-Overall analysis
-Application to US economy
-Housing loan control
-Interest rates
-Money manipulation
-Short and long run effect
-History of 1967 and 1968
-Legislative efforts
-Administration policy
-John D. Ehrlichman
-Confidence in economy
-Wage/price board
-Federal Reserve Board
-International economics
-Monetary crisis
-Effect on US money
-Exchange rates
-Housing
-Housing boom
-Davis-Bacon Act
14
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/08)
-Labor
-James D. Hodgson
-Burns
-Problems
-European economy
-Wall Street tycoons
-Reaction to suggestions
-International monetary crisis Conv. No. 514-8 (cont.)
-Federal Reserve Board stability
-Policy
-Money policy
-Past Federal Reserve Board policy
-Future policy
-Alfred Hayes
-Attitude
-Inflation fear
-New York dollar market
-Banking capital
-Capital control
-European money market
-Business concern
-Balance of payments
-Policy changes
-Unemployment reduced
-Tax reduction
-Effect on government spending
-Deficit size
-Credit
-Retail sales statistics
-Sears and Roebuck
-Accuracy
-Wage/price problem
-Unions
-Negotiation of wages
-Inflation
-Steel contract
-GM contract
President’s appreciation
-Presentation of gifts
Bull entered at an unknown time after 11:17 am
15
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/08)
-Photograph
Bull left at an unknown time before 12:00 pm
-Friedman’s persuasive powers
-Burns’ position
Conv. No. 514-8 (cont.)
Shultz and Friedman left at 12:00 pm