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Conversation: 514-008

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Start Date: Tuesday, June 8, 1971 3:06 PM

End Date: Tuesday, June 8, 1971 4:00 PM

Participants:

Nixon, Richard M. (President)Haldeman, H. R. ("Bob")Bull, Stephen B.Shultz, George P.Friedman, MiltonAtkins, Oliver F. ("Ollie")Sanchez, Manolo

Recording Device: Oval Office

Full Tape Conversation Start Time: 00:59:40

Full Tape Conversation End Time: 01:47:32

514a.mp3

514b.mp3

514c.mp3

NARA Description:

On June 8, 1971, President Richard M. Nixon, H. R. ("Bob") Haldeman, Stephen B. Bull, George P. Shultz, Milton Friedman, Oliver F. ("Ollie") Atkins, and Manolo Sanchez met in the Oval Office of the White House from 11:06 am to 12:00 pm. The Oval Office taping system captured this recording, which is known as Conversation 514-008 of the White House Tapes.

Nixon Library Finding Aid:

Conversation No. 514-8

Date: June 8, 1971
Time: 11:06 am - 12:00 pm
Location: Oval Office

The President met with H. R. (“Bob”) Haldeman

     American Committee on Italian Migration
         -Photographs

     Peter G. Peterson Congressional briefing
           -Allen amendment
                 -Voting
                 -Reception
           -Queen Elizabeth II’s garden party
           -Alternatives
           -Adjournment
           -Conflict with garden party

     Lyndon B. Johnson’s visit to Washington, DC
         -Johnson’s schedule
               -Jake Nichols
               -Breakfast invitation
               -Madison Hotel
                                               11

                            NIXON PRESIDENTIAL MATERIALS STAFF

                                       Tape Subject Log
                                         (rev. 10/08)



                        -Presidential suite
                  -Past Nixon/Johnson visits
                  -Johnson letter to Nixon
                        -Nixon library

     Press conference

     Polls                                                             Conv. No. 514-7 (cont.)
             -Approval/disapproval question
                  -Format
                  -Meaning of question

Stephen B. Bull entered at an unknown time after 11:06 am

     President’s schedule

Bull left at an unknown time before 11:17 am

                       -Need for question
             -Demonstrations
             -Marijuana question
                  -Use in upcoming poll

     Strategic Arms Limitation Talks [SALT]
           -John A. Scali
           -Henry A. Kissinger

Haldeman left and Bull, George P. Shultz, Milton Friedman, and Oliver F. (“Ollie”) Atkins
entered at 11:17 am

     Japanese talks

Bull and Atkins left at an unknown time before 12:00 pm

     Friedman’s thoughts on economy

Manolo Sanchez entered at unknown time after 11:17 am

     Refreshments

Sanchez left at unknown time before 12:00 pm
                                               12

                          NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                        (rev. 10/08)



     United States economy
          -Attitudes
          -Wage controls
          -Policy versus lack of policy

Sanchez entered at unknown time after 11:17 am

Sanchez left at unknown time before 12:00 pm                    Conv. No. 514-8 (cont.)

          -Friedman letter
                -Appropriate economic measures
          -Political judgement
                -Future of dollar
                       -Hubert H. Humphrey intentions
                       -Edmund S. Muskie intentions
                       -Edward M. (“Ted”) Kennedy intentions
                       -Henry M. (“Scoop”) Jackson intentions
          -Economic changes
                -Inflation in the future
                -Unemployment in the future
          -Overall outlook
                -Reasons
          -Economic cycles
                -Arthur F. Burns’ view
          -Repetition of mistakes
          -Interest rate rises
                -Short range versus long range
          -Overall view of economy
                -”Filter down” of money
                       -History of last recession
                -General Motors [GM] recovery
          -Consumer status
                -Polls
                       -Questions
                -Records
                       -Recession end
                       -GM strike
          -Interest rates
                -Controlling factors
                       -Construction
                       -Government borrowing
                       -Demand
                                    13

                NIXON PRESIDENTIAL MATERIALS STAFF

                            Tape Subject Log
                              (rev. 10/08)



             -Behavior
-Focus of economic plans
      -Effect time of economic changes
-Cost of living
-Price rises
      -Political damage
-Unemployment
      -Political implications                        Conv. No. 514-8 (cont.)
      -Public reaction
-Democratic economists
      -Political judgements
      -President’s creation of recession
             -Democratic view
-Job creation
-Wage and Price Board
      -Burns
-Interest rates
-Economic analysis
      -Humphrey
      -Segment analysis
      -Overall analysis
             -Performance
-Overall analysis
      -Application to US economy
      -Housing loan control
-Interest rates
      -Money manipulation
             -Short and long run effect
                   -History of 1967 and 1968
             -Legislative efforts
      -Administration policy
             -John D. Ehrlichman
             -Confidence in economy
                   -Wage/price board
                   -Federal Reserve Board
-International economics
      -Monetary crisis
             -Effect on US money
      -Exchange rates
-Housing
      -Housing boom
             -Davis-Bacon Act
                                             14

                           NIXON PRESIDENTIAL MATERIALS STAFF

                                     Tape Subject Log
                                       (rev. 10/08)



                      -Labor
                      -James D. Hodgson
          -Burns
                -Problems
                      -European economy
                      -Wall Street tycoons
                      -Reaction to suggestions
                -International monetary crisis                  Conv. No. 514-8 (cont.)
                -Federal Reserve Board stability
                      -Policy
          -Money policy
                -Past Federal Reserve Board policy
                -Future policy
                -Alfred Hayes
          -Attitude
                -Inflation fear
          -New York dollar market
                -Banking capital
                -Capital control
                      -European money market
                      -Business concern
                      -Balance of payments
          -Policy changes
                -Unemployment reduced
          -Tax reduction
                -Effect on government spending
                -Deficit size
          -Credit
          -Retail sales statistics
                -Sears and Roebuck
                -Accuracy
          -Wage/price problem
                -Unions
                -Negotiation of wages
                      -Inflation
                      -Steel contract
                      -GM contract

     President’s appreciation
          -Presentation of gifts

Bull entered at an unknown time after 11:17 am
                                               15

                            NIXON PRESIDENTIAL MATERIALS STAFF

                                        Tape Subject Log
                                          (rev. 10/08)




          -Photograph

Bull left at an unknown time before 12:00 pm

          -Friedman’s persuasive powers
          -Burns’ position
                                                                  Conv. No. 514-8 (cont.)
Shultz and Friedman left at 12:00 pm