Conversation No. 125-1

Date:  Unknown between June 7 and June 11, 1973
Time:  Unknown between 12:31 pm, June 7 and 3:07 pm, June 11, 1973
Location:  Cabinet Room

The President met with unknown people

	[General conversation/Unintelligible]

Recording was cut off at an unknown time before 3:07 pm, June 11, 1973

Conversation No. 125-2

Date:  June 11, 1973
Time:  3:07 pm - 5:16 pm
Location:  Cabinet Room

The President met with John T. Dunlop, Herbert Stein, George P. Shultz, George Meany, [Joseph] Lane Kirkland, Frank E. Fitzsimmons, Leonard Woodcock, Paul Hall, R. Heath Larry, James M. Roche, Stephen D. Bechtel, John F. O=Connell, and Edward W. Carter

******************************************************************************

BEGIN WITHDRAWN ITEM NO. 11
[Personal Returnable]
[Duration:  42s  ]

END WITHDRAWN ITEM NO. 11

******************************************************************************

******************************************************************************

	Leonid I. Brezhnev’s visit

[To listen to the segment (2m27s) declassified on 02/28/2002, please refer to RC# E-628.]

******************************************************************************

	National economy
		-Labor-Management Advisory Committee
			-Efforts
		-Wage agreements
		-Construction industry
			-Inflation
			-Kansas City
		-Meeting agenda
			-Topics
			-Possible freeze
		-Labor-Management Advisory Committee
			-Leaks
			-William E. Timmons
				-General Alexander M. Haig, Jr.
		-Agenda for meeting
		-Status
			-Economic indicators
			-Gains
		-Inflation
			-Stein=s charts
			-Food compared with non-food items
				-Consumer Price Index [CPI]
			-Phases of control program compared
			-Wholesale price index
				-Categories compared
			-CPI, Wholesale Price Index [WPI]
		-Fuels, metals, lumber
		-Exports

******************************************************************************

	Japan

[To listen to the segment (1m) declassified on 02/28/2002, please refer to RC# E-628.]

******************************************************************************

		-Inflation
			-CPI
				-Categories compared
					-Gasoline prices
					-Used car prices, new car prices
		-Imports and exports
			-Exports
				-Wheat, soybeans
			-Energy, food costs
				-President=s forthcoming energy announcement
			-Output
				-Demand
				-Non-farm
				-Farm
					-Expectations
						-Food price increases
					-Weather
						-Mississippi, Arkansas, Virginia
						-Earl L. Butz
					-Feed grains
						-Effect of price increases
					-Food price increases
			-Export acreage
				-Russian and Chinese purchases
					-Domestic supply
				-Soybeans
			-Tariffs
				-Congressional action
			-Agricultural legislation
			-Agriculture lobby
				-Tariffs
			-Effect on supply
		-Inflation
			-Wages
				-Rate of increase
			-Manufacturing
				-WPI
				-Raw materials prices
				-Labor, manufacturing and farm interests
			-Prices
			-Outlook
				-Indicators
			-Effect on employment
			-Demand
			-Effect on economy
				-Program
					-Buyers
		-Possible programs
			-Options
			-Internal Revenue Service [IRS] review of companies= reports of prices
				-Cost of Living Council [COLC]
				-Rollbacks
			-Pre-notification of companies
			-Pass-through requirements for costs
			-Base period
			-Scrap metal and lumber supply
			-Executive compensation
			-Industrial price rises
			-Agricultural exports
				-Notification
					-Licensing
					-Grains and soybeans
					-Reasons
						-Effect on prices
		-Alternative program
			-Price freeze
				-Raw agricultural products
				-Rents
				-Wages
				-Follow-up
					-Wage and price controls
			-Exports controls on feed grains
				-Licensing
				-Crops
		-Congressional program
			-Democratic caucus
			-90-day freeze
				-Applicability
					-Agriculture
					-Rents
					-Interest rates
			-President=s prerogatives
		-Possible freeze
			-Shultz=s view
			-Follow-up
			-Implications
			-Popular opinion
				-1971 freeze
			-Purpose
			-Export controls
				-Necessity
		-William Proxmire=s views
			-Gove Griffith Johnson
			-Controls
		-Congressional program
			-Congressional re-assessment
		-Possible freeze
			-Popular opinion
				-Food prices
					-Problem
			-Controls
			-Wilbur D. Mills
			-Popular opinion
				-Congress
			-Follow-up
				-Administration position
			-Wages
				-Compared to food prices
				-Fitzsimmons, Woodcock
		-Taxes
			-Kirkland=s view
			-Investment credit
			-Accelerated depreciation
			-Reason for administration=s policy
		-Interest rates
			-Housing
		-Status
			-Sustainable rate of increase
			-Economic indicators
				-Retail sales, plant equipment estimates, housing
		-Outlook
			-Past policies
			-Wage trends
			-Cost/push pressures
		-Taxes
			-Plant and equipment expenditures
				-Arthur F. Burns= view
					-Investment tax credits
				-Percentages
				-German proposal
					-Compulsory savings
						-Administration=s position
							-Monetary policy
			-Compared to interest rates
				-Housing
			-Investment tax credit
				-Effect of changes
					-Future
				-Effect on productivity
				-Kirkland=s position
				-John W. Byrnes= view
				-Use
			-Possible increase
				-Effect
		-Phase III
			-Goals
			-Wages
			-Corporate profits
			-Violations
				-Publicity
			-Possible agricultural controls
			-Effect on individuals
				-Wages
				-Food prices
					-Need for control
				-Gasoline prices
				-Wages
		-Hall=s view
			-Possible 90-day freeze
				-Rollback
					-Fitzsimmons= position
				-Woodcock
			-Productivity
				-Agriculture
				-Basing
				-Food prices
				-Agriculture
					-Acreage
			-Wages
			-Food prices
				-Effect on public
				-Possible freeze
					-Effects on productivity
						-Agriculture
				-Union of Soviet Socialist Republics [USSR] and People=s Republic of China [PRC] markets
					-Effect on surpluses
				-Shultz, Dunlop
				-Effect on workers
				-Compared to wage increases
				-Administration=s policy
					-Importance
		-Economic Stabilization Act
			-Wage and price controls
			-Legislative compromises
			-Phases I, II, and III
				-Effects
					-Wages
		-Popular opinion
			-Union views
				-Effects of controls
				-Woodcock
			-Phase III
				-Reasons
			-Press
			-Possible freeze
				-Union position
				-Effect on workers
					-Woodcock
				-Need for action
				-Democratic caucus
				-Return to Phase II
					-Unions= position
				-Follow-up
		-Wage increases
		-Food prices
			-Compared to wages
				-Labor cost increases
			-Possible rollback
			-Possible freeze
				-Effects
			-Agricultural exports licensing
			-Supply problems
			-Effect of weather
		-Phase II
			-Wage increases
				-Compared to food prices
		-Agriculture
			-Price rollbacks
			-Worldwide crop failures
				-PRC, USSR, Australia, US
			-International trade
				-Popular opinion
					-Differences
				-Balance of payments
					-Export restrictions
						-Woodcock=s statement
							-Expanding trade
							-Importance of agriculture
			-Productivity
				-US advantage
			-Legislation
				-Farm lobby
					-Supports, parity
					-Effect
		-President=s possible speech
		-Possible freeze
			-Democratic caucus
			-Effects
		-Balance of payments
			-Effects of exports
				-Inflation
				-Soybeans
			-Export controls
			-Food prices
				-Supply increases
			-Interest rates
		-Taxes
			-Possible administration policies
				-Burns
			-Investment tax credit
			-Compulsory saving
			-Surcharge
			-Melvin R. Laird
			-Possible legislation
				-Prospects
				-Present tax proposals
				-Mills
				-Prospects
				-Trade bill
				-President=s view
				-Tax proposals
					-Prospects
					-Elderly
					-Tax credit for private schools
					-President=s conversation with Russell B. Long
					-Mills
					-Prospects
		-Status
			-Roach, Hall, Woodcock, Fitzsimmons views
			-Gross National Product [GNP]
			-Personal income
			-Phase III
				-Results
					-Food prices
		-Possible freeze
			-Effects
		-Food prices
			-Possible rollback
		-Phase III
			-Food prices
			-Congressional action
			-Public opinion
			-Follow-up
			-Food prices
			-Possible Senate action
				-Agriculture exemptions
		-Permanent controls
			-Group=s view
		-Federal budget
			-Monetary actions
				-Burns
			-Possible domestic spending increases
				-Farm bill
				-Department of Health, Education, and Welfare [HEW]
			-National defense

******************************************************************************

	Defense budget

	Soviet Union

	North Atlantic Treaty Organization [NATO]

[To listen to the segment (52s) declassified on 02/28/2002, please refer to RC# E-628.]

******************************************************************************

		-Defense budget
			-President=s reductions
				-Compared to past administrations
			-Relations with Soviet Union

******************************************************************************

BEGIN WITHDRAWN ITEM NO. 9
[National Security]
[Duration:  49s  ]

	NATIONAL DEFENSE

	USSR

END WITHDRAWN ITEM NO. 9

[To listen to the segment (1m23s) declassified on 02/28/2002, please refer to RC# E-628.]

******************************************************************************

			-Administration=s position
			-Possible increases

******************************************************************************

	Foreign policy

	Defense budget

[To listen to the segment (2m22s) declassified on 02/28/2002, please refer to RC# E-628.]

******************************************************************************

		-Possible freeze on food prices
		-Public confidence
		-Possible freeze
			-Senate
				-Effects
		-Need for action
			-Food prices
				-Possible controls on agriculture
					-Farmers
				-Increases
		-President=s goals
		-Need for cotton
		-Public opinion
		-Previous government actions
			-Consumers
			-Farmers
		-Administration=s policies
			-Options
		-Possible freeze
		-Executive compensation
			-Dwight D. Eisenhower administration
				-Congress
				-Executive branch
		-President=s schedule

	[General conversation/Unintelligible]

	National economy
		-Phase II compared to Phase III
			-Price controls
				-Food, energy
		-Controls
			-Effects

	[General conversation/Unintelligible]

The President, et al. left at 5:16 pm