Conversation 566-020

TapeTape 566StartTuesday, August 17, 1971 at 4:56 PMEndTuesday, August 17, 1971 at 5:04 PMTape start time03:47:42Tape end time03:55:18ParticipantsNixon, Richard M. (President); Spain, Jayne B.; [Unknown person(s)]Recording deviceOval Office

AI Summary

President Nixon met with Treasury Secretary John Connally to strategize the implementation of the administration's new national economic program, including potential interest rate adjustments and a wage and price freeze. They evaluated the public and political reception of these policies, specifically discussing reactions from Congressional leaders and labor figures like George Meany. Additionally, the pair assessed international market volatility, including the status of the dollar and gold prices in response to the President's economic initiatives.

Economic PolicyWage and Price FreezeInternational FinanceNational EconomyPolitical Strategy

Audio

NARA Description

On August 17, 1971, President Richard M. Nixon, Jayne B. Spain, and unknown person(s) met in the Oval Office of the White House from 4:56 pm to 5:04 pm. The Oval Office taping system captured this recording, which is known as Conversation 566-020 of the White House Tapes.

Nixon Library Finding Aid

Conversation No. 566-20

Date: August 17, 1971
Time: 4:56 pm - 5:04 pm
Location: Oval Office

The President met with John B. Connally.

     President’s schedule
          -Forthcoming trip

     National economy
          -President's program
                -Interest rates
                      -Possible statement
                      -Arthur F. Burns
                      -Consumer credit
                            -Sears, Roebuck
                            -John Deere
                            -Connally's possible actions
                                  -Letter to bankers

An unknown person entered at an unknown time between 4:56 pm and 5:04 pm

       President’s schedule

The unknown person left at an unknown time before 5:04 pm.

                -Public psychology
                -President's previous meeting with Congressmen
                      -Wilbur D. Mills
                      -Russell B. Long
                      -Allen J. Ellender
          -Reaction
                -Connally's previous conversation with Peter M. Flanigan
                      -[Forename unknown] Bush [?]
                -Stock market
                      -Volume of trading
                      -Foreign markets
                            -Gold
                                  -London exchange
                                  -Zurich exchange
                            -Dollar
          -President's conversation with Peterson
                -Japan
                      -Possible textile quotas
          -Reaction
                -George Meany
                      -Possible Republican response

                            -Robert J. Dole
                            -Charles W. Colson
                            -Gerard R. Ford
                      -People’s Republic of China [PRC[ initiative
                      -Partisanship
                      -Wage and price freeze

     Connally's schedule
         -Camp David

The President and Connally left at 5:04 pm.

Transcript (AI-Generated)

This transcript was generated automatically by AI and has not been reviewed for accuracy. Do not cite this transcript as authoritative. Consult the Finding Aid above for verified information.

Uh, we, we absolutely can do anything you want.

We can hang safe out here.

We do probably all day.

But I have no stand-in, and I'm sure it's been very sumptuous on some of those things that we've been doing for a long time, and it's awesome to be out here.

That's why we're looking to, uh, we brought it up in our game today.

No, it would not stop them.

That's right.

But it's hard.

They've got no reason.

Right.

We just have to be sure that we're on sound ground.

This is not about the business.

This is all about the business.

All right.

and had to always, if he might have missed, you know, a little bit.

He just didn't see nothing.

I thought Peter was, the reaction around the country was support.

Peter Franklin just told me to talk to Justice Bush.

Justice Bush is just ecstatic about you.

He said, Randy, you increased it again last week to make a call of the rightful faculty of the Senate.

I'm going to shoot her and let her move inside.

I hadn't got the report the last couple of hours, but this week, when I called those power markets, we lost 10 points at the end of the day, 1999.

Yes, this night.

I was at the farmhouse there standing in the chair.

I said, one of our farm markets were in real issue.

They're all losing gold, that's a lot, on the long extreme, on the hurt extreme.

The dollar is gone.

I had got the report that there was a student who had died, and I told him to get his food back, and he was knocked off the ship, and he was probably not leaving the country.

We are working it out.

So, as far as somebody, we've got to get somebody in.

We've got to be involved with somebody who's just announcing it.

As we make it, we just have this old man all the time.

He's not doing it in our community.

Of course, this whole program is not going to get us jobs.

I'm going to get close to 40,000 jobs.

I'm going to get 40,000. 40,000.

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