Conversation No. 556-4

Date: August 6, 1971
Time: 10:34 am - 11:38 am
Location: Oval Office

The President met with H. R. (“Bob”) Haldeman.
[The conversation was in progress when the recording began]

     President's appearance before Girls Nation
          -Photograph session
                 -President’s comments
          -President’s comments
                 -Editing
                 -Role of women
                       -Thelma C. (“Pat’) Nixon
                            -Women's liberation

Stephen B. Bull entered at an unknown time after 10:34 am.

     Signature

     Maurice H. Stans

Bull left at an unknown time before 10:37 am.

     President's schedule
          -Meetings

John B. Connally entered at 10:37 am.
                                        7

                    NIXON PRESIDENTIAL MATERIALS STAFF

                               Tape Subject Log
                                 (rev. 10/06)
                                                                Conv. No. 556-4 (cont.)


Connally’s schedule
    -Johnnie M. Walters
          -Internal Revenue Service [IRS]
    -Forthcoming meeting with Rudolph A. Peterson

President's schedule
     -Peterson’s meeting

US economy
     -Proposed actions
          -Strategy
          -Possilbe involvement of Arthur F. Burns, Paul W. McCracken, Peter G.
                Peterson
          -Secrecy
          -President’s recent conversation with Burns
                -Burns’ salary
                -President’s instructions
                      -Burns as administration spokesman
                            -Forthcoming Time magazine story
          -Timing
                -Congressional recess
                -People’s Republic of China [PRC] announcement
          -Letter
          -Task force
                -Timing
                -Announcement
                      -Connally’s recent statement
                            -Wage and price board
                                  -Polls
                                  -Recommendation
                                        -Timing
                      -Need to show action
          -State Department appointees briefing
                -Comments by Connally and George P. Shultz
                      -Inflation
          -Connally’s discussion with Time reporter [Larry Malkin]
                -Policy change
          -Objectives
                -Inflation
                -Employment
                -Policy change
                              8

          NIXON PRESIDENTIAL MATERIALS STAFF

                     Tape Subject Log
                       (rev. 10/06)
                                                       Conv. No. 556-4 (cont.)


            -Malkin
                  -Time story
-Possible problem
     -Anticipation of Administration action
-Tax measures
     -Budget
            -Shultz
            -Recommendations
                  -Connally’s possible comments
                  -Timing
                        -San Clemente
-New York Times article
     -Compared to PRC announcement
            -Pentagon Papers
            -Lt. William L. Calley
            -Vietnam
            -Michael J. Mansfield
            -Criticism
-Effect of crisis
     -Public concern
-New York Times article
     -Quoted
-Timing
     -Effect of international monetary situation
-Wage and price freeze
     -Wage Price Board
            -Name
                  -Burns
                        -Forthcoming meeting
            -Prices
            -Credit
            -Timing of action
-Import tax
     -Possibility of Congressional approval
            -Wilbur D. Mills
     -Burns’s conversation with the President
            -Burns's conversation with the Japanese ambassador
                  -Yen
     -Flexibility
            -Possible removal
     -Scope
                             9

          NIXON PRESIDENTIAL MATERIALS STAFF

                     Tape Subject Log
                       (rev. 10/06)
                                                Conv. No. 556-4 (cont.)


            -Compared to Payne-Aldrich Tariff
-Psychological impact
-Pierre Rinfret's recommendation
      -Speech
-Need for action
      -President's position as leader
-Wage and price freeze
      -Message to people
            -Work and competitiveness
      -Responsibility of labor and management
      -Studies
-Timing
      -Congressional recess
      -Public move
-Economic indicators
      -Unemployment rate
      -Retail sales
-International situation
      -Effect on timing
      -Connally and Shultz meeting
-Connally's schedule
      -Texas
      -Contact with the President
-President's schedule
      -California
-Shultz
-Risk-taking
-Possible international reaction
-Package
      -Import tax
            -Jobs
      -Investment tax credit
      -Budget constraints
      -Wage and price freeze
-Effect on US public
      -Republican goals
            -Fiscal responsibility
      -Determination to take action
      -Protection of US economy
      -Inflation
      -Unemployment
                                         10

                     NIXON PRESIDENTIAL MATERIALS STAFF

                                 Tape Subject Log
                                   (rev. 10/06)
                                                           Conv. No. 556-4 (cont.)


           -International economic relations
                 -President’s recent message to business

State Department
      -Possible administrative change
            -US embassies
                  -Economic ministers
      -President's conversation with William P. Rogers
            -Connally's talk with Rogers
                  -Peter M. Flanigan
            -Peter Peterson
      -Economic minister
            -Treasury Department
            -Commerce Department
            -State Department
      -Foreign service officials
            -Economic views
      -Economic minister
            -Presidential appointment
            -Rank
            -Connally’s talk with Rogers
            -Foreign service
                  -Compared to British
                  -Compared to Japanese
                  -Training

US economy
     -Proposed action
          -Automobile tax
               -Effect of timing
                      -Fall new model season
                      -Television advertisement
                      -New model season
          -Tax credit
               -Railroad industry
               -Need to help business
               -Tax bill
                      -Veto
                      -Poor
          -Football metaphor
                                             11

                             NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                        (rev. 10/06)
                                                                      Conv. No. 556-4 (cont.)


     President’s schedule
          -Rudolph Peterson

Haldeman left at 11:06 am.

Rudolph Peterson, Alexander M. Haig, Jr., and George H.W. Bush entered at 11:06 am; the
White House photographer was present at the beginning of the meeting.

     Photograph session

     United Nations [UN] Development Program
          -Peterson's appointment
                -Timing
                      -Paul Hoffman
                -Acquaintance with post
          -International organizations
                -Bush
                -Connally
                      -Discussions with the President
                -Multilateral compared to bilateral aid programs
                      -Political effect of multilateral action
                            -Congress
                            -Representation
                                  -Foreign governments
                -Hoffman's orientation
                      -Compared to Peterson
                            -The President, Connally, Bush
                            -Congress
                -US public's view
                      -US interests
                -President’s forthcoming meeting with Connally
                -Views
                      -The President, Connally, Robert S. McNamara
                -US diplomacy
                      -Compared to Japanese, Western Europe
                            -Economics
                -Coordination in US government
                      -Department of the Treasury
                            -Connally
                                  -National Security Council [NSC]
                -Multilateral aid programs
                              12

          NIXON PRESIDENTIAL MATERIALS STAFF

                      Tape Subject Log
                        (rev. 10/06)
                                                        Conv. No. 556-4 (cont.)


      -Treasury Department
      -Funding
            -World Bank
            -Inter-American Development Bank
                  -Lack of US leverage
                  -US contribution
                  -President of Peru
                        -Position
-Possible change in US policy
      -Treasury Department
            -Bilateral relationships
      -Inter-American Development Bank
            -Brazil and unknown country
      -Treasury Department
            -Export-Import [Ex-IM] Bank
-Peterson
      -Hoffman
      -Coordination with Connally
      -Inter-American Development Bank
-Coordination of international aid efforts
      -Informal meetings
            -McNamara, development banks
      -State Department
      -Board of Directors
      -Ex-Im Bank
      -Burns
      -Henry A. Kissinger
      -Exchange of views
            -Agency for International Development [AID]
                  -John A. Hannah
            -Dinner
                  -Timing
                  -State Department
                  -Kissinger
                  -McNamara
                  -Pierre-Paul Schweitzer
                        -International Monetary Fund [IMF]
            -Meeting
                  -Timing
                        -IMF meeting
                  -McNamara
                                               13

                             NIXON PRESIDENTIAL MATERIALS STAFF

                                         Tape Subject Log
                                           (rev. 10/06)
                                                                          Conv. No. 556-4 (cont.)


                                     -Dinner
                 -US policy
                      -Representation in international bodies
                            -Congress
                 -Possible Congressional action
                      -Wright Patman's comments
                            -J. William Fulbright
                 -UN Development Program
                 -Hoffman
                      -Reorganization
                            -Administration support
                            -Agencies
                                 -Contracts
                                 -State Department
                                 -Need for coordination
                                 -Country program basis
                                       -Compared to individual projects
                 -UN
                      -Public support
                 -Coordination of US officials
                      -Meeting

[General conversation]

     The President's schedule
          -Nashua, New Hampshire

Peterson, et al. left at 11:38 am.
                                              14

                          NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                        (rev. 10/06)