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On August 16, 1971, President Richard M. Nixon, Vice President Spiro Agnew, and Cabinet officers, including William P. Rogers, John B. Connally, David Packard, John N. Mitchell, William T. Pecora, Clifford M. Hardin, Maurice H. Stans, James D. Hodgson, John G. Veneman, George W. Romney, David M. Kennedy, H. R. ("Bob") Haldeman, George P. Shultz, George H. W. Bush, John N. Irwin, II, Charls E. Walker, J. Philip Campbell, James M. Beggs, James T. Lynn, Laurence H. Silberman, Richard C. Van Dusen, Peter G. Peterson, Herbert G. Klein, Dr. Edward E. David, Jr., Raymond K. Price, Jr., Ronald L. Ziegler, Alexander P. Butterfield, Robert J. Brown, Paul W. McCracken, Caspar W. ("Cap") Weinberger, Arthur F. Burns, General George A. Lincoln, Herbert Stein, General Alexander M. Haig, Jr., Frank J. Shakespeare, and Stephen B. Bull, met in the Cabinet Room of the White House from 10:10 am to 11:27 am. The Cabinet Room taping system captured this recording, which is known as Conversation 069-002 of the White House Tapes. Topics include: Vice President Spiro Agnew met with William P. Rogers, John B. Connally, David Packard, John N. Mitchell, William T. Pecora, Clifford M. Hardin, Maurice H. Stans, James D. Hodgson, John G. Veneman, George W. Romney, David M. Kennedy, H. R. ("Bob") Haldeman, George P. Shultz, George H. W. Bush, John N. Irwin, II, Charls E. Walker, J. Philip Campbell, James M. Beggs, James T. Lynn, Laurence H. Silberman, Richard C. Van Dusen, Peter G. Peterson, Herbert G. Klein, Dr. Edward E. David, Jr., Raymond K. Price, Jr., Ronald L. Ziegler, Alexander P. Butterfield, Robert J. Brown, Paul W. McCracken, Caspar W. ("Cap") Weinberger, Arthur F. Burns, General George A. Lincoln, Herbert Stein, General Alexander M. Haig, Jr., and Frank J. Shakespeare [Previous archivists categorized this section as unintelligible. It has been rereviewed and released 08/16/2019.] [Unintelligible] [069-002- W006] [Duration: 12m] General conversation Greetings The President Wilbur D. Mills George S. McGovern - Statement - Unknown magazine [Applause] The President and Stephen B. Bull entered at an unknown time after 10:10 am President's schedule - Nelson A. Rockefeller - John V. Lindsay - Bush Bull left at an unknown time before 11:27 am National economy - President's programs - Cabinet Committee on Economic Policy - Development - Connally - Wage- Price freeze - International Monetary Fund - President's speech, August 15, 1971 - Camp David meetings - Connally, Shultz, Burns, McCracken - Campbell, Weinberger - Cooperation - Burns' role - Need for Cabinet support - Briefings - Problems - Unemployment - Inflation - International dollar balance - Foreign asset reserves - Trade balances - Balance of payments - The President's talks with Burns, Shultz, and McCracken - The President's speech, August 15, 1971 - Interest rates - President's program - Wage- Price freeze - Tax relief - Budget cuts - New economic policy - Franklin D. Roosevelt administration - Goals - Burns, McCracken, Shultz - Stein - Wage- Price freeze - Application - Interest rates - Economic Stabilization Act of 1970 - Interest rates - Federal Reserve Board [FRB] - Burns - Camp David meeting - International market - President's program - Wage- Price freeze - Dividends - Import surcharge - Trade Expansion Act of 1962 - Application - Duty items - Exemptions - Wage- Price freeze - Unprocessed food - Job development tax credit - Rate - Purpose - Production increase - US foreign aid - Germany and Japan - Machine tools - Application - Congress - House Ways and Means Committee - Import surcharge - Trade Expansion Act of 1962 - Smoot- Hawley Tariff - Congress - General Agreement on Tariffs and Trade [GATT] - Quotas - Possible retaliation [This segment was declassified on 02/28/2002.] [National Security] [069-002- W001] [Duration: 55s] National economy - The President's program - Japanese Yen - Volkswagen National economy - The President's program - President's speech, August 15, 1971 - Excise tax on automobiles - Personal exemptions on income tax - Federal budget - Deferrals - Revenue sharing - Cut in Cabinet department positions - Cost of Living Council - Lincoln - Attrition - Criticism from opponents - Private sector job stimulation - Automobile industry - Automobile industry - James M. Roche's conversation with Connally and McCracken [?], August 15, 1971 - Jobs - Unemployment - Government's role - President's previous conversation with Rockefeller - John Kenneth Galbraith - Increase federal budget - President's program - Federal budget - Fiscal years 1972, 1973 - Weinberger - Revenue sharing - Tax cuts - Expenditure cuts [This segment was declassified on 02/28/2002.] [National Security] [069-002- W002] [Duration: 8s] National economy - The President's program - Federal budget - Caspar W. ("Cap") Weinberger - Chiang Kai- Shek National economy - The President's program - Federal budget - Welfare reform - Tax credit - Personal exemption increase - Auto excise taxes - Revenue reduction - Import surcharge - Expenditure reduction - Employment stimulation - Economic expansion - Import surcharge - Inflation - Budget cuts - Tax cuts - Inflation - Dollar stabilization - Import surcharge - Wage- Price freeze - Import surcharge - Burns - Wage- Price freeze - Length - Follow- Up program - Convertibility of dollar [This segment was declassified on 02/28/2002.] [National Security] [069-002- W003] [Duration: 3m 32s] National economy - The President's program - Federal budget - Japan - The President's previous Quadriad meetings - Germany - Great Britain - Purpose - Paul A. Volcker's trip to Europe - France - Germany - Great Britain - Italy - James Dewey Daane's trip to Europe - Holland - Belgium - Switzerland - Importance - William P. Rogers's conversation with Eisaku Sato, August 15, 1971 - Arthur F. Burns's conversation with unknown man, August 15, 1971 - John B. Connally's conversation with unknown man National economy - The President's program - Wage- Price freeze - Length - Inflation - Duration - Labor - Monetary aspect - Taxes - Anti- Trust laws - Strikes - Effect on farm exports [This segment was declassified on 02/28/2002.] [National Security] [069-002- W004] [Duration: 10m 38s] National economy - The President's program - Federal budget - Japan - President's program - Convertibility of Dollar - Japan - Nation's relative importance in world trade - Latin America - Africa - Middle East - South Asia - Japan - Great Britain - France - Charles A. J. M. de Gaulle - Italy - Germany - Spain - Japan - The President's program - Effect on international monetary system - International Monetary Fund [IMF] - Convertibility of Dollar - Paul A.Volcker's previous briefing of ambassadors - Price of gold questions - Treasury Department - Federal reserve board - Department of State [DOS] - London Times editorial and headlines, August 16, 1971 - Effect abroad - Views of American people - International trade - Possible administration comments - The President's pending visit to People's Republic of China [PRC] National economy - The President's program - Connally's forthcoming press conference - Network coverage - Bernard J. ("Bunny") Lasker's call to Haldeman, August 16, 1971 - Stock market - Effect - Burns' conversation with central bankers, August 15, 1971 [This segment was declassified on 02/28/2002.] [National Security] [069-002- W005] [Duration: 2m 59s] National economy - The President's program - Effect - Arthur F. Burns's conversation with central bankers August 15 - Volcker and Daane - European stock markets - Price of gold - Gold markets - Japan - The President's schedule - Quadriad meeting - Japanese cabinet - Hirohito welcome in Anchorage - Europe - Canada - Pierre E. Trudeau - William P. Rogers's conversation with Mitchell Sharp The President left at an unknown time before 11:27 am [Previous archivists categorized this section as unintelligible. It has been rereviewed and released 08/16/2019.] [Unintelligible] [069-002- W007] [Duration: 5m 20s] General conversation - Thomas H. Moorer Activities of unknown man William P. Rogers The President's question - Reaction - Answer - Assault [?] Agnew, et al. left at 11:27 am. Participants: Nixon, Richard M. (President); Agnew, Spiro T. (Vice President); Cabinet officers; Rogers, William P.; Connally, John B.; Packard, David; Mitchell, John N.; Pecora, William T.; Hardin, Clifford M.; Stans, Maurice H.; Hodgson, James D.; Veneman, John G.; Romney, George W.; Kennedy, David M.; Haldeman, H. R. ("Bob"); Shultz, George P.; Bush, George H. W.; Irwin, John N., II; Walker, Charls E.; Campbell, J. Philip; Beggs, James M.; Lynn, James T.; Silberman, Laurence H.; Van Dusen, Richard C.; Peterson, Peter G.; Klein, Herbert G.; David, Edward E., Jr. (Dr.); Price, Raymond K., Jr.; Ziegler, Ronald L.; Butterfield, Alexander P.; Brown, Robert J.; McCracken, Paul W.; Weinberger, Caspar W. ("Cap"); Burns, Arthur F.; Lincoln, George A. (Gen.); Stein, Herbert; Haig, Alexander M., Jr.; Shakespeare, Frank J.; Bull, Stephen B.