About this recording
656–27
- President Richard M. Nixon
- John B. Connally
- White House operator
- Arthur F. Burns
- George P. Shultz
- Herbert Stein
- Stephen B. Bull
- Oliver F. "Ollie" Atkins
January 26, 1972
Conversation No. 656-27
Date: January 26, 1972
Time: 2:00 pm - 3:20 pm
Location: Oval Office
The President met with John B. Connally.
Greetings
Agenda for forthcoming meeting
-International monetary situation
-Quadriad
-Budget
-Deficits
-Inflation
-Unemployment
-Forthcoming report
[The President talked with the White House operator at an unknown time between 2:00 pm and
2:02 pm.]
[Conversation No. 656-27A]
The President’s schedule
[End of telephone conversation]
Trade
42
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
[The President talked with the White House operator at an unknown time between 2:00 pm and
2:02 pm.]
[Conversation No. 656-27B]
Request to hold all telephone calls
[End of telephone conversation]
Connally’s schedule
Arthur F. Burns, George P. Shultz, and Herbert Stein entered at 2:02 pm; Stephen B. Bull and
Oliver F. (“Ollie”) Atkins were present at the beginning of this meeting.
Greetings
Photographs
[Pause]
-Agenda
The President’s speech of January 25, 1972
-Connally’s telephone call to Henry A. Kissinger
-Charles W. Colson’s request of Shultz to call Clark Kerr
-Colson’s talk with the President and Kissinger
-Kerr’s possible public statement
-Columbia Broadcasting System [CBS]
-Kerr’s previous comments about the President’s unknown speech
Kerr’s activities
-Vietnam committee
-Ceasefire
-Political orientation
Economic problems
-Stein’s memorandum
-Budget
-Federal Reserve Board [FRB]
-International monetary affairs
-Economic forecast
43
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
-Congressional leadership meeting
-Federal spending
-Increases
-Revenue sharing
-Drop in economic indicators
-Drop in retail sales
-Reasons
-Commerce Department
-Automobiles
-Durable orders
-Steel
-Home building
-M-1
-Gross National Product [GNP]
-Expansionist fiscal policy
-Reaction
-Organization for Economic Cooperation and Development [OECD]
-France’s concern
-Wage and price controls
-Performance
-Dock strike
-Impact
-Settlement
-Upward movement of economy
-Retail sales
-Seasonal adjustments
-Monthly figures
-Indications
-Projected rise
-Business
-Possible cyclical recovery
-1971 indicators
-Contracts
-Orders for capital equipment
-Capital expenditure appropriations
-Durable goods
-GNP
-Retail figures
-Wall Street Journal survey of retailers
-Sears-Roebuck, unknown stores
-Christmas sales
44
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
-Commerce Department figures
-Labor market indicators
-Increased work week
-Unemployment and employment
-Prices
-Housing starts
-Leading economic indicators
-Forthcoming report
-Revision
-Stein’s view
-Compared to Burns’s and Connally
-Public expectations
-Manufacturing layoffs compared to new hiring
-1969
-Federal spending
-Unemployment
-Connally’s forthcoming study
-Cabinet meeting
-Stein’s office
-Commerce Department
-James D. Hodgson
-Identifying the unemployed
-Household heads
-Women
-Multi-jobs
-Eighteen year olds
-Timing
-Department of Health, Education and Welfare [HEW]
-Development
-Common sources
-Survey
-Statistics
-Revision
-1967
-Survey question
-Phrasing
An unknown person entered at an unknown time after 2:02 pm.
Unknown matter
45
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
The unknown person left at an unknown time before 2:26 pm.
Economy
-Wording of unemployment studies
-Effects
-Statistical experts
-Politics
Ronald L. Ziegler entered at 2:26 pm.
Photograph session
-Quadriad meeting
-Novelty
-Congressional leadership meeting
-Business magazines
Ziegler left at 2:27 pm.
Economy
-Budget
-Federal spending
-Gerald R. Ford
-Note to the President
-Department of Housing and Urban Development [HUD]
-Unused money
-George W. Romney
-Queens, Forrest Hills
-Check by administration
-Housing
-Inner city public housing
-Forthcoming testimony by unknown person
-Camp David
-Water and sewer spending
-Press perception of administration
-Withholding and dumping funds
-1972 election
-Withholding funds
-Deficits
-Office of Management and Budget [OMB]
-Spending ceiling
-OMB pressure on departments
46
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
-Timing
-Effect on economy
-Spending ceiling
-1973
-Congress
-Intentions
-Spending ceiling
-Defense spending
-GNP
-Employment
-Past record
-1969, 1970
-Decline
-Trends
-Rates
-Domestic agencies
-Fiscal management
-Compared to Defense Department
-Information technology
-Rolling budget system
-OMB effort
-Record keeping
-Treasury Department
-General Services Administration [GSA]
-Concerns for upcoming budget
-Deficit
-Handling
-Inflation
-Shultz’s and Connally’s comments at briefing
-Employment
-Economic expansion
-Fiscal year [FY] 1973 budget
-Spending ceiling
-FY 1974 budget
-Spending ceiling
-Probability of cuts
-Defense
-Domestic programs
-Congressional intentions
-Edmund S. Muskie
-Edward M. Kennedy
47
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
-Largesse
-FY 1975
-Congressional actions
-Shultz’s efforts
-Departments
-Revenue sharing
-Revenue sharing
-Benefits
-State and local spending
-Ways and Means Committee action
-Hearings
-Timing
-House of Representatives
-State and local action
-Shift from FY 1972 to FY 1973
-Effect
-Construction projects
-Welfare payments
-States
-Revenue sharing
-Rate of expenditure
-Defense contracts
-Employment
-Congressional action
-Timing of administration proposals
-FY 1972
-Cabinet
-Recent meeting
-Budget responsibilities
-Unknown Defense Department official
-Money supply
-M-1
-Ability to control
-Reserve control
-Individual decisions
-Checking accounts
-Interest bearing accounts
-Rates of increase
-M-1
-M-2
-Savings deposits
48
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
-Certificates of deposit [CDs]
-Individual decisions
-Liquid assets
-Form
-Commercial bank reserves
-Administration action
-Reaction
-New York Federal Reserve bank management
-Burns’s possible action
-Manager’s activities
-Administration links
-FRB system
-Management personnel
-Salaries
-Burns’s possible action
-The President’s possible action
-Andrew F. Brimmer
Brimmer
-United Nations [UN]
-Under Secretary General
-[Kurt Waldheim]
-Dr. Ralph Bunche
-Request of Burns to call William P. Rogers
-Possible ambassadorship
International economic situation
-Trade negotiations
-Status
-European agreement
-Substance
-Preferential treatments
-Citrus
-Tobacco
-Grain (wheat, barley)
-Union of Soviet Socialist Republics [USSR]
-Pricing
-France
-Italy
-Citrus, tobacco
-France
49
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
-Japan
-Tariffs
-Soybeans
-Sales value
-Beef
-Wheat
-Citrus
-Oranges
-US concessions
-Canada
-Status
-Politics
-1973, 1972
-US strategy
-Possible unilateral action
-Possible termination of automobile agreement
-Tourism
-Possible repeal of unknown act
-The President’s forthcoming trip to USSR
-Substance
-State and Commerce Departments
-Pierre E. Trudeau
-Timing
-Trudeau’s visits with Soviets
-Benefits
-Possible reconsideration
-Kissinger
-France
-US responsibility
-Budget deficits
-European central bankers
-US stance on International Monetary Fund [IMF]
-Convertibility
-Paul A. Volcker, Bill Dale [?]
-Moratorium
-Ghana
-Methods of payment
-Dutch guilders
-Belgian francs
-US negotiating position
-Effect on central bankers
50
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
-Great Britain
-Ceylon [Sri Lanka]
-West Germany
-International confidence
-US budget
-The President’s message to Congress
-Connally’s action on debt
-Trade
-Surplus
-Great Britain
-Japan
-Revaluation
-US
-Competitive position
-Administrative, tariff barriers
-Trade deficits
-Expectations
-Common Market
-Preferential trade ties
-Power
-Convertibility
-Feasibility
-US trade policy
-Japanese decisions
-Canadian decisions
-[Common Market]
-Canada
-US strategy
-The President’s possible meeting with Connally, Kissinger, Rogers
-Backchannels
-State Department
-Attitude
-Need for consistency
-Trudeau
-Aleksei N. Kosygin
-Dinner
-Convertibility
-Banking
-Need for new plan
-Exchange markets
-Smithsonian Agreement
51
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
-Gold
-Legislation
-Trade negotiations
-Fiscal and monetary policy
-Location of money
-Quantity of money
-Customers
-US business confidence
-Damage since 1965
-Vietnam
-Riots
-Rebuilding
-Time required
-Gold bill
-Debt ceiling
-Revenue sharing
-Timing
-Trade negotiations
-Need for confidence by bankers
-Conally’s possible talks
The President’s schedule
-Quadriad meetings
-Frequency
-H. R. (“Bob”) Haldeman
-Timing
Ziegler
-Photograph session
Bull entered at an unknown time after 2:27 pm.
Photograph session
Bull left at an unknown time before 3:20 pm.
The Netherlands
-Dutch Prime Minister [Barend W. Biesheuvel]
-Recent meeting with the President
-Travel to Indonesia
-State visit by Queen [Juliana]
52
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
-Relations with Indonesia
-The President’s 1953 trip
-Dutch tourists
-Colonial legacy
-School, health systems, language, cultural ties
Africa
-US relations
-Colonial powers
-British, Dutch
Ziegler and members of the press entered at an unknown time after 2:27 pm.
[Photograph session]
-[General conversation]
Ziegler, et al. left at an unknown time before 3:20 pm.
Brazil
-Compared to the US
-Alaska
-Natural resources
-Climate
-Compared to US Midwest
-Prospects
-Population
-Portugese
-Government
-The President’s previous conversation with Biesheuvel
-Latin needs
-French constitution
-Strong leaders
-Italians
-Spain
-Gen. Francisco Franco
-Latin government
-Need for moderation, balance
-French
-Gen. Charles A.J.M. De Gaulle
-Contributions
-National spirit
53
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
-Presidency
-Parties
-Needs
-State Department
-US constitutional model
The President’s telephone call to Wilbur D. Mills, January 24, 1972
-Health
-Mills’s schedule
-Mother [Abbie L. (Daigh) Mills]
-Granddaughter
Connally, et al. left at 3:20 pm.
Date: January 26, 1972
Time: 2:00 pm - 3:20 pm
Location: Oval Office
The President met with John B. Connally.
Greetings
Agenda for forthcoming meeting
-International monetary situation
-Quadriad
-Budget
-Deficits
-Inflation
-Unemployment
-Forthcoming report
[The President talked with the White House operator at an unknown time between 2:00 pm and
2:02 pm.]
[Conversation No. 656-27A]
The President’s schedule
[End of telephone conversation]
Trade
42
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
[The President talked with the White House operator at an unknown time between 2:00 pm and
2:02 pm.]
[Conversation No. 656-27B]
Request to hold all telephone calls
[End of telephone conversation]
Connally’s schedule
Arthur F. Burns, George P. Shultz, and Herbert Stein entered at 2:02 pm; Stephen B. Bull and
Oliver F. (“Ollie”) Atkins were present at the beginning of this meeting.
Greetings
Photographs
[Pause]
-Agenda
The President’s speech of January 25, 1972
-Connally’s telephone call to Henry A. Kissinger
-Charles W. Colson’s request of Shultz to call Clark Kerr
-Colson’s talk with the President and Kissinger
-Kerr’s possible public statement
-Columbia Broadcasting System [CBS]
-Kerr’s previous comments about the President’s unknown speech
Kerr’s activities
-Vietnam committee
-Ceasefire
-Political orientation
Economic problems
-Stein’s memorandum
-Budget
-Federal Reserve Board [FRB]
-International monetary affairs
-Economic forecast
43
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
-Congressional leadership meeting
-Federal spending
-Increases
-Revenue sharing
-Drop in economic indicators
-Drop in retail sales
-Reasons
-Commerce Department
-Automobiles
-Durable orders
-Steel
-Home building
-M-1
-Gross National Product [GNP]
-Expansionist fiscal policy
-Reaction
-Organization for Economic Cooperation and Development [OECD]
-France’s concern
-Wage and price controls
-Performance
-Dock strike
-Impact
-Settlement
-Upward movement of economy
-Retail sales
-Seasonal adjustments
-Monthly figures
-Indications
-Projected rise
-Business
-Possible cyclical recovery
-1971 indicators
-Contracts
-Orders for capital equipment
-Capital expenditure appropriations
-Durable goods
-GNP
-Retail figures
-Wall Street Journal survey of retailers
-Sears-Roebuck, unknown stores
-Christmas sales
44
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
-Commerce Department figures
-Labor market indicators
-Increased work week
-Unemployment and employment
-Prices
-Housing starts
-Leading economic indicators
-Forthcoming report
-Revision
-Stein’s view
-Compared to Burns’s and Connally
-Public expectations
-Manufacturing layoffs compared to new hiring
-1969
-Federal spending
-Unemployment
-Connally’s forthcoming study
-Cabinet meeting
-Stein’s office
-Commerce Department
-James D. Hodgson
-Identifying the unemployed
-Household heads
-Women
-Multi-jobs
-Eighteen year olds
-Timing
-Department of Health, Education and Welfare [HEW]
-Development
-Common sources
-Survey
-Statistics
-Revision
-1967
-Survey question
-Phrasing
An unknown person entered at an unknown time after 2:02 pm.
Unknown matter
45
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
The unknown person left at an unknown time before 2:26 pm.
Economy
-Wording of unemployment studies
-Effects
-Statistical experts
-Politics
Ronald L. Ziegler entered at 2:26 pm.
Photograph session
-Quadriad meeting
-Novelty
-Congressional leadership meeting
-Business magazines
Ziegler left at 2:27 pm.
Economy
-Budget
-Federal spending
-Gerald R. Ford
-Note to the President
-Department of Housing and Urban Development [HUD]
-Unused money
-George W. Romney
-Queens, Forrest Hills
-Check by administration
-Housing
-Inner city public housing
-Forthcoming testimony by unknown person
-Camp David
-Water and sewer spending
-Press perception of administration
-Withholding and dumping funds
-1972 election
-Withholding funds
-Deficits
-Office of Management and Budget [OMB]
-Spending ceiling
-OMB pressure on departments
46
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
-Timing
-Effect on economy
-Spending ceiling
-1973
-Congress
-Intentions
-Spending ceiling
-Defense spending
-GNP
-Employment
-Past record
-1969, 1970
-Decline
-Trends
-Rates
-Domestic agencies
-Fiscal management
-Compared to Defense Department
-Information technology
-Rolling budget system
-OMB effort
-Record keeping
-Treasury Department
-General Services Administration [GSA]
-Concerns for upcoming budget
-Deficit
-Handling
-Inflation
-Shultz’s and Connally’s comments at briefing
-Employment
-Economic expansion
-Fiscal year [FY] 1973 budget
-Spending ceiling
-FY 1974 budget
-Spending ceiling
-Probability of cuts
-Defense
-Domestic programs
-Congressional intentions
-Edmund S. Muskie
-Edward M. Kennedy
47
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
-Largesse
-FY 1975
-Congressional actions
-Shultz’s efforts
-Departments
-Revenue sharing
-Revenue sharing
-Benefits
-State and local spending
-Ways and Means Committee action
-Hearings
-Timing
-House of Representatives
-State and local action
-Shift from FY 1972 to FY 1973
-Effect
-Construction projects
-Welfare payments
-States
-Revenue sharing
-Rate of expenditure
-Defense contracts
-Employment
-Congressional action
-Timing of administration proposals
-FY 1972
-Cabinet
-Recent meeting
-Budget responsibilities
-Unknown Defense Department official
-Money supply
-M-1
-Ability to control
-Reserve control
-Individual decisions
-Checking accounts
-Interest bearing accounts
-Rates of increase
-M-1
-M-2
-Savings deposits
48
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
-Certificates of deposit [CDs]
-Individual decisions
-Liquid assets
-Form
-Commercial bank reserves
-Administration action
-Reaction
-New York Federal Reserve bank management
-Burns’s possible action
-Manager’s activities
-Administration links
-FRB system
-Management personnel
-Salaries
-Burns’s possible action
-The President’s possible action
-Andrew F. Brimmer
Brimmer
-United Nations [UN]
-Under Secretary General
-[Kurt Waldheim]
-Dr. Ralph Bunche
-Request of Burns to call William P. Rogers
-Possible ambassadorship
International economic situation
-Trade negotiations
-Status
-European agreement
-Substance
-Preferential treatments
-Citrus
-Tobacco
-Grain (wheat, barley)
-Union of Soviet Socialist Republics [USSR]
-Pricing
-France
-Italy
-Citrus, tobacco
-France
49
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
-Japan
-Tariffs
-Soybeans
-Sales value
-Beef
-Wheat
-Citrus
-Oranges
-US concessions
-Canada
-Status
-Politics
-1973, 1972
-US strategy
-Possible unilateral action
-Possible termination of automobile agreement
-Tourism
-Possible repeal of unknown act
-The President’s forthcoming trip to USSR
-Substance
-State and Commerce Departments
-Pierre E. Trudeau
-Timing
-Trudeau’s visits with Soviets
-Benefits
-Possible reconsideration
-Kissinger
-France
-US responsibility
-Budget deficits
-European central bankers
-US stance on International Monetary Fund [IMF]
-Convertibility
-Paul A. Volcker, Bill Dale [?]
-Moratorium
-Ghana
-Methods of payment
-Dutch guilders
-Belgian francs
-US negotiating position
-Effect on central bankers
50
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
-Great Britain
-Ceylon [Sri Lanka]
-West Germany
-International confidence
-US budget
-The President’s message to Congress
-Connally’s action on debt
-Trade
-Surplus
-Great Britain
-Japan
-Revaluation
-US
-Competitive position
-Administrative, tariff barriers
-Trade deficits
-Expectations
-Common Market
-Preferential trade ties
-Power
-Convertibility
-Feasibility
-US trade policy
-Japanese decisions
-Canadian decisions
-[Common Market]
-Canada
-US strategy
-The President’s possible meeting with Connally, Kissinger, Rogers
-Backchannels
-State Department
-Attitude
-Need for consistency
-Trudeau
-Aleksei N. Kosygin
-Dinner
-Convertibility
-Banking
-Need for new plan
-Exchange markets
-Smithsonian Agreement
51
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
-Gold
-Legislation
-Trade negotiations
-Fiscal and monetary policy
-Location of money
-Quantity of money
-Customers
-US business confidence
-Damage since 1965
-Vietnam
-Riots
-Rebuilding
-Time required
-Gold bill
-Debt ceiling
-Revenue sharing
-Timing
-Trade negotiations
-Need for confidence by bankers
-Conally’s possible talks
The President’s schedule
-Quadriad meetings
-Frequency
-H. R. (“Bob”) Haldeman
-Timing
Ziegler
-Photograph session
Bull entered at an unknown time after 2:27 pm.
Photograph session
Bull left at an unknown time before 3:20 pm.
The Netherlands
-Dutch Prime Minister [Barend W. Biesheuvel]
-Recent meeting with the President
-Travel to Indonesia
-State visit by Queen [Juliana]
52
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
-Relations with Indonesia
-The President’s 1953 trip
-Dutch tourists
-Colonial legacy
-School, health systems, language, cultural ties
Africa
-US relations
-Colonial powers
-British, Dutch
Ziegler and members of the press entered at an unknown time after 2:27 pm.
[Photograph session]
-[General conversation]
Ziegler, et al. left at an unknown time before 3:20 pm.
Brazil
-Compared to the US
-Alaska
-Natural resources
-Climate
-Compared to US Midwest
-Prospects
-Population
-Portugese
-Government
-The President’s previous conversation with Biesheuvel
-Latin needs
-French constitution
-Strong leaders
-Italians
-Spain
-Gen. Francisco Franco
-Latin government
-Need for moderation, balance
-French
-Gen. Charles A.J.M. De Gaulle
-Contributions
-National spirit
53
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/06)
Conv. No. 656-27 (cont.)
-Presidency
-Parties
-Needs
-State Department
-US constitutional model
The President’s telephone call to Wilbur D. Mills, January 24, 1972
-Health
-Mills’s schedule
-Mother [Abbie L. (Daigh) Mills]
-Granddaughter
Connally, et al. left at 3:20 pm.
Secret White House Tapes |