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Conversation 097-001

TapeTape 97StartThursday, March 23, 1972 at 3:56 PMEndThursday, March 23, 1972 at 11:59 PMParticipantsConnally, John B.;  Shultz, George P.;  Rumsfeld, Donald H.;  Cheney, Richard B.;  [Unknown person(s)]Recording deviceCabinet Room
AI Summary

John B. Connally, George P. Shultz, Donald H. Rumsfeld, and Richard B. Cheney met to discuss economic stabilization policies and the operational status of key administrative bodies. The participants reviewed the activities of the Price Commission and the Cost of Living Council, including ongoing hearings and the impact of price controls on specific commodities like steer hides. The discussion also addressed the economic distribution of price increases between farmers and other industry stakeholders, as well as the administrative coordination between the Pay Board and various government agencies.

Economic stabilizationPrice CommissionCost of Living CouncilPay BoardCommodity pricingCIEP
AudioNARA Description

On March 23, 1972, John B. Connally, George P. Shultz, Donald H. Rumsfeld, Richard B. Cheney, and unknown person(s) met in the Cabinet Room of the White House at an unknown time between 3:56 pm and 11:59 pm. The Cabinet Room taping system captured this recording, which is known as Conversation 097-001 of the White House Tapes.

Nixon Library Finding Aid
Conversation No. 97-1

Date: March 23, 1972
Time: Unknown between 3:56 pm and 11:59 pm
Location: Cabinet Room

John B. Connally met with George P. Shultz, Donald H. Rumsfeld, Richard B. Cheney, and
unknown men
[Recording begins while the conversation is in progress]

       International economy
             -Council on International Economic Policy [CIEP]

       Price Commission
             -Cost of Living Council

       Advisory Committee on Export Policy

       Steer hides
             -Price per pound

       Farmer

       Pay Board

       Price Commission
             -Hearings schedule
                  -American Federation of Labor-Congress of Industrial Organizations [AFL-
CIO]
            -Operations

Recording was cut off at an unknown time before 11:59 pm
Transcript (AI-Generated)

This transcript was generated automatically by AI and has not been reviewed for accuracy. Do not cite this transcript as authoritative. Consult the Finding Aid above for verified information.

There is a statutory aspect to this.
I get it for you somewhere here.
The only thing I'd add, trust me, Mr. Chairman, is that when this is said, should we notify the price commission and the government, we are likely to defend it.
I don't think so.
I don't think so.
I don't think so.
I don't think so.
I don't think so.
I don't think so.
I don't think so.
I don't think so.
I don't think so.
I don't think so.
Recommendation 2 makes two parts.
One will change the name of the group who will undertake the study.
Number 2 is the attitude, the attempt to perform the price-admission reaction that's caused by the Council of State.
Is your objection to it?
If not, I assume the recommendation has been absolutely...
Yes, sir.
Make sure to hide the weight on it.
So you're talking about hiding what's inside of it.
So here is what the devil did right now.
What is that cost on this?
It's about that.
That's about $25,000.
So here's what's happened to the sensor.
The price was pretty good.
$500 on some of the other sensors.
I call that price $500.
There's another...
There's another interesting fact.
One of our guys told us that, oddly enough, the farmer doesn't get nearly as much of this increase as one would have expected.
That is the...
The...
The work of the pay board has been rather well publicized this week, and I know that all the ways to it beyond that, which everyone now knows.
The pricing mission is in Chicago today, holding hearings.
Various people are testifying to senior unions.
The, uh, figures of the IRS system are here below the sound cover.
Number of inquiries, how are you?
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