503–16

Conversation No. 503-16

Date: May 21, 1971
Time: 3:40 pm - 5:26 pm
Location: Oval Office

The President met with Herbert Stein, George P. Shultz, John B. Connally and Arthur F. Burns.

General conversation

US economy
-Recovery
-Forecasts
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NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 9/08)



-Unemployment
-Inflation
-Consumer Price Index [CPI]
-Retail sales
-April, May
-Forecasts
-Unknown person
-Wholesale price index Conv. No. 503-15 (cont.)
-Mortgage interest
-CPI
-Gross National Products [GNP] calculations
-National income calculations
-Unemployment
-Price increases
-Response of American people
-Inflation
-George Meany
-Lunch with Burns
-Support of President
-Labor support of President
-Prize freeze
-Review board
-Negotiations
-Regulations
-Lifting
-Timing
-Prices
-Interest rates
-Housing starts
-Food prices
-Non-food commodities
-Economic policy
-Commodities

Manolo Sanchez [?] entered at an unknown time after 3:40 pm.

Iced tea

Sanchez [?] left at an unknown time before 5:22 pm.

US economy
-Agriculture
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Tape Subject Log
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-Drought
-State of economy
-Rate of inflation
-CPI
-Construction business
-Price controls
Steel industry
-Labor Conv. No. 503-16 (cont.)
-Strikes
-Management’s attitude
-Quotas
-Government intervention
-Rate increase
-Tariff
-Relief
-Moral persuasion
-Labor
-Government intervention

Construction industry
-Figures
-Productivity
-Unemployment
-Labor union
-James D. Hodgson

Steel industry
-Strike
-Timing
-Collective bargaining
-Posture
-Compared to past negotiations
-John N. Mitchell
-President’s role
-Work rules
-Compared to railroads
-Productivity
-Work rules
-Piece work
-Effect on productivity
-Conrad Cooper
-Productivity commission
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NIXON PRESIDENTIAL MATERIALS STAFF

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-Work rules

Labor unions
-Work rules
-Construction
-Railroads

Steel industry Conv. No. 503-16 (cont.)
-Negotiations
-Intervention
-President’s role
-Effect on the country

US economy
-Prices
-Increases
-Stein, Shultz opinions
-Controls
-Price indexes
-Burns statement
-Price controls
-Meany
-Employment
-Office of Price Administration [OPA]
-Burns
-Timing of initiating
-Steel industry
-Hodgson
-Foreign production compared to US production
-Effect on labor management relations
-Japanese labor
-Possible Presidential statement
-Television
-Educational networks
-Prime-time
-William L. Safire
-Peter G. Peterson
-Competition with rest of world
-Burns
-Audience
-Educational television
-Stein
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NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
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-Content of President's remarks
-Visual aids
-Radio talks

Budget
-Forthcoming budget session
-Peterson, Connally, and the President
-Discussion of goals Conv. No. 503-16 (cont.)
Financial markets
-Expansion
-Fluctuations
-Peter M. Flanigan
-Future
-Burns
-Expansion
-Democratic economists
-Walter E. Heller
-Paul A. Samuelson
-Unemployment
-Inflation
-Deficit
-Fiscal 1971
-Outlays
-Fiscal 1972
-Revenue
-Tax returns
-Social Security
-Deficit
-Fiscal 1971
-Fiscal 1972
-Appropriations
-Social Security
-Welfare Reform Bill
-Social Security
-Gross National Product [GNP]
-Social Security
-Tax returns
-Depreciation
-Outlays
-Welfare Reform Bill
-Medicare
-Cost savings
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NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 9/08)



-President's budget
-Congress
-Appropriations
-Education bill
-Deficit
-Inflation
-President's budget
-Revenue sharing Conv. No. 503-16 (cont.)
-Strategy for getting President's budget through Congress
-Compared to Fiscal 1971
-Fiscal 1973 budget
-Taxes
-Budget deficit
-Public perception
-Administration’s strategy
-Implications
-Economic plans
-Prize freezes
-Wage freezes

US economy
-Expansion
-Projections
-Full employment revenues
-1971
-1972
-Congress
-Appropriations bills
-Timing
-Opposition party
-Strategy
-Deficit spending
-Fiscal policy
-Jobs
-Deficit spending
-Public awareness
-Full employment budget
-Stein
-Developing a plan of action
-Fiscal policy
-Economic stimulation
-Inflation
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NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 9/08)



-Congress
-Social Security
-Council of Economic Advisors [CEA]
-Congress
-Public awareness
-Press
-Social Security increases
-Public awareness Conv. No. 503-16 (cont.)
-Benefits
-Costs
-Blacks
-Poor

Automobile industry
-John A. Volpe
-Airbags
-Price of automobiles
-Bicycles

Monetary policy
-Banker's meeting
-Burns
-George W. Mitchell, James Dewey Daane, Paul A. Volcker, Connally
-Paul Grover
-Congress, Treasury Department
-International Bankers Association
-Europe
-US
-Congress

Economic policy
-Connally’s role
-Secretary of State’s role
-CEA
-Secretary of Labor
-Secretary of Treasury
-Coordination of economic policy
-Connally
-Connally's plan
-Secretary of Treasury
-CEA
-Economic spokesman
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NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
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-Secretary of Treasury
-Role of CEA
-Stein
-Paul W. McCracken
-Shultz
-Strategy
-Europeans
-Knowledge of US foreign policy Conv. No. 503-16 (cont.)
-CEA
-Shultz
-Maurice H. Stans
-Hodgson
-Plan
-Burns
-Connally
-Meetings of the Quadriad

Stephen B. Bull entered at an unknown time after 3:40 pm.

President's schedule
-Forthcoming meeting with Robert D. Murphy
-Kissinger’s conversation with Murphy
-People's Republic of China [PRC]

Bull left at an unknown time before 5:22 pm.

Economic policy formation
-Purpose of meeting of Quadriad
-Secretaries of Commerce, Labor, Agriculture, Housing
-H. R. (“Bob”) Haldeman
-Hodgson
-Stans
-Foreign policy formation
-William P. Rogers
-\"Meet the Press\"
-Kissinger
-Backgrounder
-President's role
-Role for Connally
-Press
-Role for President
-Role for Connally
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NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
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Monetary policy
-Burns meeting with unknown banker
-Upcoming meeting in Europe of central banks
-President's meeting with Connally, May 20, 1971
-US policy
-Strength
-Fiscal policy restraints Conv. No. 503-16 (cont.)
-Education Bill
-Productivity
-Governors
-Balance of payments
-International monetary policy
-Willy Brandt
-West Germany
-Unemployment
-US economic policy
-International monetary system
-Balance of payments
-US domestic economy
-Relationship to European economies
-1970
-President's visit to Europe in February, 1969
-US economic policy
-Inflation
-[James] Harold Wilson's Cabinet
-Effect of US economy
-Japan
-International money markets
-Interest rates
-Federal Reserve Board
-Effect of steel strike
-Strength
-Confidence
-Price of gold
-Rogers
-Possible increases
-Previous crisis
-The Hague
-Central bankers
-International monetary meeting
-Foreign policy
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NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 9/08)



-Strategic Arms Limitation Talks [SALT]
-Compared with international monetary policy
-Dutch, Belgians, Germans, British
-US leadership
-Clarifying US policy
-Possible changes in international monetary system
-Brandt
-Germans Conv. No. 503-16 (cont.)
-US policy
-International monetary affairs
-Connally
-Swiss currency
-Austrian currency
-Dutch currency
-Germany currency
-Icelandic currency
-Inflation
-Gold
-Burns and George W. Romney
-US Reserves
-Price
-Revaluing
-Foreign debt
-Malaysia
-Gold request
-Burns
-Connally
-Poker


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BEGIN WITHDRAWN ITEM NO. 3
[Personal returnable]
[Duration: 6s ]


END WITHDRAWN ITEM NO. 3

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NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 9/08)



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BEGIN WITHDRAWN ITEM NO. 4
[National Security]
[Duration: 2m 16s ]


US ECONOMIC POLICY WITH EUROPE Conv. No. 503-16 (cont.)


END WITHDRAWN ITEM NO. 4

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President's schedule
-May 22, 1971
-Breakfast

Stein, Shultz and Connally left at 5:22 pm.

US International Monetary Conference
-Possible attendance
-French, British, Italians, US, Japanese
-Planning
-Price of gold

SALT announcement on May 20, 1971
-World War II

Burns’ statement
-Commerce
-President's assessment
-Connally's assessment

Burns left at 5:26 pm.