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Conversation 008-042

TapeTape 8StartTuesday, September 7, 1971 at 5:56 PMEndTuesday, September 7, 1971 at 6:00 PMTape start time01:28:36Tape end time01:33:16ParticipantsNixon, Richard M. (President);  Connally, John B.Recording deviceWhite House Telephone
AudioNARA Description

On September 7, 1971, President Richard M. Nixon and John B. Connally talked on the telephone from 5:56 pm to 6:00 pm. The White House Telephone taping system captured this recording, which is known as Conversation 008-042 of the White House Tapes.

Nixon Library Finding Aid
Conversation No. 8-42

Date: September 7, 1971
Time: 5:56 pm - 6:00 pm
Location: White House Telephone

The President talked with John B. Connally.

[See Conversation No. 275-31]

     Connally's briefing
         -Work
         -George P. Shultz's office
                -Arthur F. Burns
                -Paul W. McCracken
                -Forthcoming testimony, December 7, 1971
         -Cost of Living Council [COLC]

     Economy
         -Speech to Congress
              -Freeze
              -Ongoing program
         -Legislative proposals
              -Tax policy examination
              -Largesse
              -Edmund S. Muskie proposal
                    -Consumer tax credit
                          -Amount
                          -Purpose
                                -Purchase of durable goods other than automobiles
                    -Democrats
                    -Possible question for Connally
                    -President’s plan

     International monetary policy
           -Japanese meeting
                -Speech
                     -Long term goals
                     -Connally's possible meeting with the President
                     -Connally's meeting with Henry A. Kissinger
                     -Kissinger's meeting with the President

                     -International field
                     -Kissinger and Connally meeting with the President
          -US position
               -International Monetary Fund [IMF]
                     -Rescue
                           -Timing
                     -Negotiations
                           -Possible duration
                     -Europeans

     Associated Milk Producers, Inc
          -Reception of the President, September 3, 1971
               -McCormick Place
                     -Size
               -Speech
                     -Work and welfare

     President’s forthcoming speech to Congress
          -Budget
          -Tax cuts and spending cuts
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.

Hello.
Yes, sir.
Well, I've loaded you down since you've been back.
Yes, sir.
It's awful to come back.
I'm over in George's office now.
We're talking about what I'm going to say tomorrow with Arthur and... Oh, that's right.
I've got to testify tomorrow.
I see.
I see.
Oh, that's right.
We just finished the cost of living council.
We came up here for a few minutes.
I see.
Another five minutes or so.
Fine.
Well, I'm...
I'm glad that we determined to go forward on this speech to the Congress.
I think that keeps the monkey right on their back, don't you think, sir?
Yes, sir.
Yes, sir, I sure do.
Well, I haven't got a hell of a lot new to say, except that we are going to have an ongoing program, that the freeze will end, but that will be an ongoing program.
And then, of course...
I think just lifting the curtain a little bit on some of that stuff we heard this morning isn't a bad idea.
What do you think?
I agree with that.
It doesn't bother you, does it?
No, sir.
And it doesn't bother you to remember that we want to examine tax policies for the future.
I think that the only way you're going to keep them, John, from loading this thing up with the damn Christmas tree is to say, look, let's look at this later.
I don't know whether that'll work, but what do you think?
What did you think of that cockeyed thing of muskies?
Oh, well, that's ridiculous.
My God, I mean, $100 for anybody to buy anything but an automobile.
Now, what's that prove?
I don't know.
I just couldn't believe it.
Well, of course, they're all desperate.
They're all desperate.
That one I just thought should be laughed at.
They'll ask you about it tomorrow, I'm sure.
Well, they may not.
They may not.
They may not.
But they're all desperate to try to grab something and try to make an issue and try to distinguish somehow what they want to do as opposed to what you've already recommended.
And the truth of the matter is you've just substantially blown them out of the ball field.
Well, we've covered the base too well.
Yeah, sure.
They're not even in the game at this moment.
Did the meeting, you think the Japanese meeting is well set now, do you?
Yes, sir.
I don't know how much of that you're going to have in your speech, but if you're going to get into that general area or long-term goals, if you have any time a little later tomorrow, I'd love to spend 10 or 15 minutes with you.
I had a long visit with Henry at lunch today.
Yeah, he told me about that.
And he was going to visit with you, and I don't think there's anything that you ought to necessarily get in your speech, but you oughtn't to foreclose any of the possibilities either.
Right.
Foreclose them in the...
In the speech, I mean, in the international field, I just leave it open as you can see.
Oh, don't worry.
Don't worry.
I just think he and I discussed some things that I think we really need to sit down after you.
We're in a strong position.
Absolutely.
And I feel so strongly that we don't want John to...
to get to rescue this international monetary thing too soon.
Let it stew.
Well, we can't, and that's what we want to talk to you about.
Good, good.
About how you structure this thing, because you've got a problem with negotiations that may go on for a year, and frankly, I don't think you've got the setup to carry on these kind of negotiations.
Yeah.
And that's what I wanted to talk to you about.
Good, good, good, good.
Okay, well, don't worry.
I wanted to foreclose the damn thing, because I believe that
You know, having taken this enormous risk, which many thought, well, you remember what the dire predictions were.
By golly, we've now bought the time.
Oh, no question about it.
And they're plotting against us.
Oh, the Europeans?
Yes, sir.
Sure.
No question about it.
Sure.
So we plot against them.
That's the way we're going to play the game.
Well, that's fine.
That's right.
You would have warmed your heart to hear 40,000 milk producers.
My God, that you were right.
That's an organization.
It's the best.
It's the best.
They had 40,000 in one room, you know.
Isn't that amazing?
In that McCormick Hall, the darn place I'd never seen.
It's the size of three football fields.
Did they give you a good reception?
Oh, they cheered and yelled and you know what I mean.
Particularly when I talked about the fact that
that people ought to work rather than be on welfare.
That's what they like to hear.
You bet it is.
That's great.
I'm going to put that in the speech, too.
Well, I think that's the line you have to take now.
I think that's the line you have to take on this budget.
I think you have to be tough on the budget.
I am.
I'm going to say that we've got to be restrained and that we can't have tax cuts without spending cuts.
Right.
Right.
Okay.
All right, sir.
Fine job.
Thank you.
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