“What a joke. If the UAW bought GM the first thing they would do is void all existing contracts with themselves.”
Actually, it’s not a bad idea IMHO. That’s exactly what saved some of the US steel industry back in the 70’s. Workers bought the companies when they were about to go out of business, and decided they couldn’t run the company paying themselves as much as they USED to make. Three things happened:
1)The new owners cut their pay.
2)There was much interest in making the company efficient and profitable, since THEY were now the new owners.
3)The companies became competitive again and began to make a profit.
A classic argument against socialism if there ever was one. Give people a real stake in the economy and leave them alone, and the economy will grow and prosper.