even as i visit with my friend sam nunn and with george schultz and with bill perry and henry kissinger, you know, they have different views as exactly what we're looking at. they talk about sort of encampments at the base of the mountain. in other words, people looking up toward the sky but the peak of the mountain is sort of in a cloud, it's not very clear how you get there, and therefore we're in a preparatory state with these base camps which a lot of good activity is occurring. it would be necessary if you're going to scale the mountain. >> rose: so might as well get something going even though you're not sure exactly how long and where the journey will take place? >> correct, on the basis that it would be desirable for the world to be free of the threat of nuclear weapons. in much the way that we have con to that conclusion with regard to chemical weapons. chemical weapons convention-- which the united states signed and the russians may have been surprised, but they moved on. like wise became a part of that. and in our cooperate i threat reductions, a lot of reductions have been i

and one of my close friends s george schult and george schultz callone day and says the psident wants to see y. and thnext thing you know my whole le changed. >> rose: was he then director of office and managent. director of office and management. >>ose: so you went to work for richard nixon. >>s his assistant f international econicsment and my wle lifehanged. now i had not worked at 39 soutlasalle, had i not walked by9 south lasalle, my carr would have been to the tally different. >> re: what is the moral, make sure you get caut anerizing so you get kicked out of the coege. make sure yo work in a certain ace so you will meet a certain pern, is this theoral of thistory. >> if you ve duming luck and lord ows i've h a lot of it, take advantage of it, and turn it in an opportunity. >> re: okay. but be cdid with me too about -- about thi idea of hard work and the sacfices you have made. i mean would you have been able tdo the things you have done if you h not been a workaholic if you had not had focused. >> twohings hadn' happened if i had n been a workaholic, t you can learn things too w

was -- he was the one who actually got the schools in seven southern states with the help of george schultzn their doors by getting each side to sit down, black side, white side and get them to sit down and agree on what's going to happen in this state with respect to public education. so it's still not finished 'cause prejudice is still out there, but if you read the book, i think you'll see where that all came from. abolitionists in our family are so abundantç4ç it's hard to bele anybody would sayl÷ we abandone anything in favor of recognizing to fill out a form that has a race. we are human. >> host: let me ask one of the pictures in the book you were not in the photograph 'cause you were not born yet. it's your brothers, donald, richard, harold and arthur is right above in yorba linda, california. >> right down in the tire. >> host: what was your relationship with president nixon and his brothers and you and your brothers. >> guest: they all respected him because he could argue anybody out of their position. but he was -- he was one who insisted on following the rules, a football game o

george schultz, herb stein, paul mccracken, the whole -- john earlicman one was of those who was opposed to it. and nixon spent so much -- i remember herb stein telling me, we would just be terrified every time nixon was alone with connelly because you never knew what the two of them were going to come up with. and that is why you really do need a process that subjects presidents to a wide variety of opinions and wants -- so that they can have a good feel for all the ramifications of an issue as opposed to getting captured by one strong, magnetic, powerful personality. >> i think president nixon was almost trying to groom connelly for the presidency at some point. he really felt he had command presidency. >> in fact, he told -- when he called ford in, said, well, i'm going to make you -- appoint you vice president. but you should know that i'm going to support john connelly in 1976. ford said, that's fine with me. i'm getting out anyway. [laughter] >> i will say that ford and reagan and bush 41, the one i i know best, all understood this well, and were very comfortable hearing people arg

directo r of the budget, secretary george shultz who after studying carefully the events of the last few months, came up with the following statement and i quote secretary schultz. observing this process, the question comes forcefully ought. has the accord gone down the drain. the secretary of course is referring to the 1951 accord where the fed regained its independence from the treasury, which had lost during world war ii and was committed to pegging treasury interest rates. and then he goes on to say, an remember how difficult it was for the fed to disentangle itself from the treasury in the post world war ii period. so these are very serious concerns. my four concerns, and i'd be happy to answer any questions you have about them. thank you, mr. chairman. >> thank you, mr. taylor. dr. meltzer. >> thanks to my old friend, congressman ron paul and to the members, thank you for the opportunity to present my appraisal of the administration's proposal for regulatory changes. i will confine most of my comments to the role of the federal reserve as a systemic regulator. and will offer an alternative proposal, much closer to the republican proposal. i share the beli