This morning I listened to Dave Ross interview Ravi Batra, a professor of Economics and author of The New Golden Age: The Coming Revolution against Political Corruption and Economic Chaos. Mr. Batra had what I think is a fabulous idea for the automaker bailout.
To summarize, the automakers want $50 Billion to save them. Batra explains that for about $1 Billion, you could buy 60% of General Motors. Then you could give all those shares to the UAW to distribute amongst their workers, making every union employee of GM a significant shareholder in the company. Then, they could decide what woul dbe the best courses of action for the company to take.
It’s brilliant. It’s not socialism, because the people would get paid if they created value, and lose their jobs if they wouldn’t. Plus, it would force the UAW to come to grips and decide whether their policies are good for the companies that employee their members. I think it’s a great idea. Too bad it will never be considered…
