650–9

Conversation No. 650-9

Date: January 18, 1972
Time: 11:31 am - 12:31 pm
Location: Oval Office

The President met with Arthur F. Burns and John B. Connally.

General conversation
-Weather

Quadriad meeting
-Schedule
-State of the Union address
-Herbert Stein

Rose Mary Woods entered at 11:33 am.

Memorandum
-The President's response to note on Chilean loan
-Confidentiality
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NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)



-Reciprocity
-Copies
-William P. Rogers

Woods left at an unknown time before 12:31 pm.

Economy
-Money supply
-Federal Reserve Board [FRB]
-John E. Sheehan
-Contact with Burns
-Monetary policy, regulatory policy
-Federal Open Market Committee
-Last meeting
-Dissent
-Basis
-Length of meeting
-Discount rate
-Prime rate

An unknown man entered at an unknown time after 11:31 pm.

Refreshments

The unknown man left at an unknown time before 12:31 pm.

Economy
-Discount rate
-Changes
-Interest rates
-Paul A. Volcker
-Level
-Discount rate
-Level
-Stock market
-The President’s relationship with advisors
-Handling of issue
-Budget message
-State of the Union
-Spending ceiling request by President
-Congress
 21

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 650-9 (cont.)


-1968 action
-Deficits
-Inflation
-Interest rates
-Budget message
-Phrasing
-George P. Shultz
-Timing
-Burns’s possible comments
-Budget
-Caspar W. (“Cap”) Weinberger
-Controls
-Elliot L. Richardson
-John A. Volpe
-George W. Romney
-Defense
-Costs
-Release of statement before budget message release
-Publicity
-Deficit
-Timing
-Need for cooperation with Congress
-Spending ceiling
-Taxes
-Publicity
-[First name unknown] Dale
-Hobart Rowen
-Wall Street Journal
-Agreement in administration
-Connally
-Burns
-Shultz
-Office of Management and Budget [OMB]
-Council of Economic Advisors [CEA]
-Spending ceiling
-Inflation
-Current year

Water bill
-Muskie
-Effect on future spending
 22

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 650-9 (cont.)


-Returns

Pay Board
-Price Commission
-George H. Boldt
-Qualities
-Administrative ability
-Relationship with Burns
-Arthur J. Goldberg
-Possible role
-Labor management committee
-Work with President and James R. Mitchell on steel strike
-Possible appointment
-Ability
-Attitude toward labor
-Experience
-Secretary of Labor
-Possible meeting with the President
-Control system
-Administrative ability
-Luther Hodges
-Experience
-Secretary of Labor
-United Nations [UN] ambassadorship
-Difficulties
-Pay increase guidelines
-Exceptions
-Coal miners, aerospace workers
-Evasion
-Business, small farmers
-Circumvention
-Reclassification of employees
-Farm workers
-Previous year's salary increase
-Boldt's chairmanship
-Goldberg
-Price Commission
-C. Jackson Grayson
-Administrative ability
-Meeting with Burns
-Price increases
 23

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 650-9 (cont.)


-Business community
-Reports
-Justification
-Risk
-Price controls
-Exemptions
-Small business retailers
-Impact
-Reporting
-Big business firms
-Costs
-Reporting
-Price Commission
-Relationship with administration
-Cost of Living Council [COLC]
-Recommendations
-Exemptions
-Donald H. Rumsfeld
-Burns meeting with Grayson

Controls
-The President’s role
-The President’s view
-Public relations
-Substance
-Extent
-Freeze
-Major firms
-Gross National Product [GNP]
-Employment
-Decontrol for small firms
-Pay Board and Price Commission
-Criticism
-Big business vis-à-vis labor
-Entrepreneurs
-Role in economy
-Major firms
-General Motors [GM]
-General Electric [GE]
-Relationship with administration
-Decontrol
 24

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 650-9 (cont.)


-Reporting
-Small business
-Support for the President
-Small businesses
-Compared to big business
-Timing
-The President’s role
-Perception

Economy
-Political objectives
-Jobs
-Prices
-Pay Board
-Goldberg
-Prices
-Wage Board
-Price Commission
-Profit margins
-Compared to 1938, 1966
-Economic growth
-Profit sharing
-1970
-Cost cutting
-Pay Board
-Price Commission
-November 1972
-Pay Board
-Boldt
-Handling of role
-Difficulty
-Aerospace industry
-Mitchell
-Boldt
-Shultz
-Shultz's view
-Instruction for Shultz
-Goldberg
-Relationship with the President
-Knowledge of labor
-Steel workers
 25

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 650-9 (cont.)


-John F. Kennedy
-Administrative abilities
-UN ambassadorship
-Requirements for job
-Labor-Management committee
-Joseph L. Block
-David P. Reynolds of Reynolds Company
-Thomas Watson
-Stuart T. Saunders of Pennsylvania
-Background
-Virginia
-Goldberg
-Politics
-Possible meeting with the President
-Career
-Supreme Court
-Secretary of Labor
-Ambassador to UN
-Gubernatorial candidacy
-Steelworkers' chief counsel
-G. Harrold Carswell
-Compared to unknown person
-[Romney?]
-Burns’s career
-Camp David meeting before August 15, 1971 economic action
-Present status
-Perceptions of economic action
-International monetary action
-Trade
-Burden sharing

Japan
-Burns’s contact with Japanese ambassador [Nobuhiko Ushiba] and other Japanese
-View of the President's People's Republic Of China [PRC] Policy
-Trade and monetary problem
-Trade
-The President’s talks with Eisaku Sato
-Europe
-PRC relations
-Meetings Between The President And Japanese officials, 1966, 1967
-Japanese interests
 26

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 650-9 (cont.)


-Trade
-Compared to US interests
-Military
-US relations with the PRC
-Soviet Union

Congressional hearings
-Economists
-Fred R. Harris
-Edward M. Kennedy's January 17, 1972 Press Club speech on Vietnam
-Partisanship
-Partisanship in 1972

State of the Union address
-Tone

Kennedy’s Press Club speech
-Attack on the President
-Vietnam
-Nguyen Van Thieu

The President's opponents
-Attacks on the President
-Howard Hughes loan to F. Donald Nixon
-Harris
-Oil
-Harris
-Hughes
-Hubert H. Humphrey
-1968 campaign
-Allegation
-Connally and contributions to the President
-Depletion
-President's position
-The President’s congressional experience
-Humphrey
-1969 action by President

Shultz, John D. Ehrlichman

The President’s instructions to Connally, Burns
 27

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/06)
Conv. No. 650-9 (cont.)



President's schedule
-Raymond K. Price, Jr.
-State of the Union address
-Draft
-Burns

Burns and Connally left at 12:31 pm.