560–1

Conversation No. 560-1

Date: August 10, 1971
Time: 4:14 pm - 5:19 pm
Location: Oval Office

The President met with Paul W. McCracken, Herbert Stein, Ezra Solomon and George P. Shultz;
the White House photographer was present at the beginning of the meeting.

President's schedule

Photograph session

Dinner

Stephen B. Bull entered at an unknown time after 4:14 pm.

President's schedule
-Foreign policy briefing
-Henry A. Kissinger

Bull left at an unknown time before 5:19 pm.

National economy
-Council of Economic Advisers [CEA]
-Welcome to Solomon
-President’s recent talk with McCracken
-Memorandum
-Meetings
-Budget
-Budget
-Figure
-International monetary situation
-News leaks
-Proposed actions
-Closing gold window
-Confidentiality
-President’s forthcoming trip to People’s Republic of China
[PRC]
-John B. Connally
-Arthur F. Burns
-Wage and Price Board
 2

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 560-1 (cont.)


-Stein and McCracken memoranda
-Possible implementation
-Timing
-Briefings
-Stein
-Mood of business community
-Pace of economy
-Retail sales
-Economic indicators
-Retail sales
-July 1971
-Compared to June 1971 and 1970
-Housing
-Consumer spending
-Inflation
-Federal Reserve Board [FRB] of New York
-Progress
-Trend
-Interest rates
-Mortgages
-Food prices
-Consumer Price Index [CPI]
-Forecast
-Controls
-Comparison with past figures
-1970 recession
-Trough
-July 1971
-November 1970
-Unemployment
-1954-55, 1960, 1958, 1961
-Retail sales
-Prices
-Housing
-November 1969 compared to July 1971
-Payroll employment
-1954-55
-Construction
-1960's, 1950's
-Prices
-Retail sales
 3

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 560-1 (cont.)


-Personal income
-Assessment
-Money supply
-FRB
-Growth
-Figure
-Compared to 1970
-President’s recent press conference
-Inventories
-Manufacturing
-Retail
-Automobiles
-Manufacturing
-Steel
-Inflationary cycle
-Possible statement
-Timing
-Congress
-Possible Administration actions
-Stimulation of money supply
-Acceleration of personal income
-Tax exemption
-Investment tax credit
-Stimulation of economy
-Employment
-Speed
-Benefit
-Personal income
-Investment tax credit
-Effect on business and financial community
-Tax relief
-Treasury Department
-Political aspect
-Inflation
-Interest rates
-Auto industry
-Excise tax
-Revenue
-CPI
-Wage and Price Board
-Inflation
 4

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 560-1 (cont.)


-Productivity commission
-Public relations aspect
-Inflation
-Feasibility
-Duration
-Political aspect
-Congress
-Public
-Economic expansion
-Employment
-Inflation
-Wage and price controls
-Public opinion
-Congress
-Permanence
-John Kenneth Galbraith
-Socialism
-Public opinion
-Selectivity
-Industries
-Construction
-Aerospace
-Garment
-Steel
-Strike settlement
-Cosmetic effect
-Construction industry
-Executive Order
-Davis-Bacon Act
-Market
-Union contractors
-Wage-price productivity matrix
-Relationship
-Profits
-Wholesale Price Index
-Productivity
-Possible wage and price freeze
-Scale
-Seasonal goods
-Clothing
-Bureaucracy
 5

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 560-1 (cont.)


-Psychology
-Consumers
-Business
-Implementation
-Duration
-Effect on corporate prices
-Wages
-Aftermath
-Prices
-Demand
-Steel
-Follow-up program
-Wage and price board

Bull entered at an unknown time after 4:14 pm.

The President's schedule
-Foreign policy briefing

Bull left at an unknown time before 5:19 pm.

National economy
-Wage and price freeze
-Wage increases
-Labor
-Rules
-Exceptions
-Purpose
-Compared to wage and price board
-Guidelines
-Alternative
-Construction industry pattern
-Steel
-Development of plan
-Public mood
-Consumer psychology
-Surveys
-Retail sales
-Trough
-Decision makers
-Economists, writers
 6

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 560-1 (cont.)


-Pessimism
-Stock market
-Business
-International situation
-Wages
-Unions
-George W. Romney speech
-Congress
-Possible Administration actions
-Cosmetic effect
-Wage and price spiral
-Consumers
-Business
-Investment
-Inventories
-Plant equipment
-Consumer spending
-Level
-Price
-Business psychology
-Profit margin
-Politics
-Consumer fear
-Inflation
-Feasibility
-Psychological effect

Economics
-Compared to politics

National economy
-Possible wage and price freeze
-Plan
-Leaks
-Selectivity
-Previous policy
-Deadline
-President’s schedule
-New York

McCracken, et al. left at 5:19 pm.
 7

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 560-1 (cont.)