COX TELLS CHAMBER: ‘WE MUST BECOME CHINA’

Members of the US Chamber of Commerce cheer new SEC designee Christopher Cox

Washington, WPI - President Bush’s designee for Chairman of the Securities and Exchange Commission, California Rep. Christopher Cox, told the US Camber of Commerce today that America needs to look to China as, “the new business model of the future.”

Appearing just hours after the announcement of his nomination in the White House, Cox a renowned conservative and notorious friend of business, was greeted wildly by Chamber members, the country’s largest business organization. President of the Chamber Raite DiPrima called Cox’s appointment, “a gift from the business gods!” adding that, “every onerous government regulator, from OSHA to the EPA to Elliot Spitzer, should be quaking in their boots- there’s a new Sheriff in town and he’s one of us!” The comments were met with thunderous applause from the invitation-only exclusively corporate audience.

In naming Cox, President Bush said, ''I've given Chris a clear mission: to continue to strengthen the public trust in our markets so the American economy can continue to grow and create jobs,'' The President went on to note that the US now has the highest trade deficit in its history, has a debt to GNP of almost 6.6% the highest in history, a war which is costing the treasury 4 billion dollars a month and a tax to spending shortfall of nearly a trillion dollars. “Chris has a lot of work to do, and he is the man” Bush added.

The White House announcement came one day after William Donaldson, 74, said he would leave as head of the agency at the end of June. The agency, charged with protecting investors and defending the integrity of the securities markets, has come under increased scrutiny due to near continuos corporate scandals in recent years -- including Worldcom, Enron and Tyco –which rocked Wall Street and shook investors' confidence. Donaldson was brought on board to restore that confidence.

Cox, a conservative 16-year veteran of the House, would replace Donaldson, a Republican who turned out to be a firm regulator and often clashed with GOP business allies during his 2 1/2 years as director.

Business groups, including the US COC, which views nearly all SEC regulations as “overly burdensome” and want them watered down or repealed, welcomed Bush's pick. Advocates for individual investors feared that Cox might do just as big business hopes.

''Bill Donaldson set high standards for American business and the SEC,'' Bush read from his cards, noting that the agency filed more than 1,700 enforcement action's during Donaldson's tenure. ''Chris Cox is the right man to carry on this important work. Though I think we’ll see a big drop-off in those numbers!'' said the grinning President, clapping Cox on the back.

Cox’s comments on China, from a speech titled “Toward a New American Business Plan,” initially shocked the Chamber membership. By it’s end however they were cheering ecstatically.

Cox began by noting the huge and ever growing trade deficit the US has with China, “This is not going to get better anytime soon” he announced “and really, why should it? China has become the world’s manufacturer thanks in large part to people in this room. Prescient men and woman who saw, as far back as thirty years ago, that huge profits were to be found where there is an inexhaustible workforce, a near total absence of both investor and workplace regulation and no stifling environmental rules.”

Present were CEO’s from companies as diverse as Kodak, General Electric, Zenith, Ford Motor and others who have been in the forefront of moving manufacturing jobs to China.

“We must study the China model,” Cox continued “It is the future of America. While we do not have the same number of available workers, the President’s policies, combined with your corporate efforts, is working to create a vast pool of unemployed in the US. China has proven that people who are hungry are motivated workers; People who have lost their homes don’t join unions; People who can’t afford health insurance don’t fret workplace safety or the environment; People who see their kids living in poverty work overtime- without overtime pay!” he announced to raucous applause.

“China has succeeded because it is unencumbered. It has a government which is friendly to Free Enterprise. There are no strikes in China, there are no slowdowns in China, there are no walkouts in China. If you walk off your job in Beijing you can just keep walking- right into the Yangtze!” Cox declared to a standing ovation.

“It is time for America to see China with new eyes. These aren’t your father’s Commies anymore!” he said to general laughter. “China today is a unique governmental/economic hybrid. It is clearly a capitalist nation but it is managed the ‘good old-fashioned way, with firm disipline..’ There are no ‘spoiled children’ in the workforce; There is no ‘Political Correctness’ involved in manufacturing; There are no whining mothers complaining about their husband’s safety, the air or water and certainly NOT about day care!” Cox shouted above the cheers.

“China is both a vision of the future and of the past” he continued, “of America’s past. There was a time, in the 1930's to be exact, when America was a lot like the China of today. Worker’s didn’t ‘demand’ anything! Workers worked! If they set their shovel down to wipe their brow, boom, they were gone. Because right behind that slacker were four or five other men, hungry for a paycheck. Back then government knew its place. It stayed out of the American corporate boardroom. It stayed the hell out of business altogether except when workers tried to challenge the authority of capital, then it responded with police clubs and guns to restore order and harmony. Back then government didn’t encumber production with overbearing safety rules or costly environmental regulations, back then America believed in letting the market settle those issues. That is the China of today and it is the model for the America of tomorrow!” he concluded.

The reaction from Chamber members was immediate and unanimous. Biorn Riche, CEO of a America’s only remaining die-making company said, “This man has real vision. I just wish Bush had acted sooner- considering all the money we showered on him.”

“Where has this guy been?” asked an incredulous Terry Nize owner of the nations largest office temp agency. “This is vision. I hope he runs for president!”

Caine Chokverker, Human Relations attorney for Wal-Mart said, “I was stunned by the comparison between America’s not-too-distant past and contemporary China. I see now that the practices of the Chinese government, while they may strike us as totalitarian occasionally really are the same as America’s just a few generations ago. In that context, a strong federal government is really not such a bad thing- I mean as long as it serves the market.”

“This is fantastic!” gushed Sy Annilye, Account Executive at GBMV/FDTZ the global public relations and advertising conglomerate which handles the Chamber of Commerce account. “Honest to God, I can sell this! Look, we convinced ordinary Americans that the ‘Free Market’ is equivalent to both evolution and religion right?” said the flamboyant executive, “Now we can sell them on the idea that unemployment, removal of safety and environmental rules and the eradication of organized labor are simply ‘American Traditions!’ When we’re done, the public will think it’s patriotic to lose their job and end up in poverty working for Wal-Mart! They’ll thank us for it! I know I can sell this. We’ll just have to drop the standard ‘unions-equal-communism’ link, the model is China after all!”

In a related story, Secretary of Defense Donald Rumsfeld warned China that their arms build-up along the border with Taiwan looked a lot like the Spanish-American War scenario.