Search the Archive

Economy / Phase II / Connally #213684

CBS Evening News for Friday, Oct 08, 1971
View other clips in this broadcast →

Material supplied by VTNA may be used for educational analysis or research only. Any editing, reproduction, publication, rebroadcast, public showing or public display may be prohibited by copyright laws.

(Studio) Treasury Secretary John B. Connally explains phase II. President Nixon says he'd like to cut inflation to 2 or 3% per year Whole new government structure to work under Cost of Living Council
REPORTER: Walter Cronkite

(DC) Connally tries to reassure labor leaders with regard to pay board independence. [CONNALLY - says wages and prices will be pay board's responsibility. If bds. do permit exorbitant plans, action will be taken; hopes Meany will be on board] Connally says companies and unions to be divided in 3 pts.; biggest to need advance approval for wages and prices; medium sized get approval afterwards, with possible rollbacks; small business subject to spot checks. [CONNALLY - says 1st category composed of big and strong companies; talks of halting inflationary psychology.] AFL-CIO President George Meany says he recd. information that pay board will be free of control. Admin. says he misunderstood; sets emergency meeting for Tuesday [MEANY - speaks of meeting due to different interpretations of pay board; cites Sec. James D. Hodgson and Director George P. Shultz as sources of different information Connally didn't clear up questions.] [UAW President Leonard WOODCOCK - doubts if any labor representative will serve on board subject to veto.]
REPORTER: Daniel Schorr

Cronkite, Walter;
Schorr, Daniel

Note to sponsor members: The Vanderbilt Television News Archive video player requires a modern operating system and browser to work properly. If you are experiencing playback problems, check the minimum requirements and adjust your setup accordingly. After adjustments, if you continue to experience problems, please contact us.

Welcome! Above is the abstract of the item that you're interested in viewing from the Vanderbilt Television News Archive's collection. You have three options if you'd like to view this item:

  • You may request a loan of this video by registering on our website and placing an order.
  • You may visit the Television News Archive on the Vanderbilt campus to view on-site from the Archive's collection.
  • If you are associated with a college or university, you may ask your library if they would like to become a sponsor, which would give students and faculty at your institution the ability to view items from our collection.

If you believe that you are associated with a sponsoring college or university and have received this message in error, please let us know.