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It’s the same crap as student loan debt - whoever took those loans out to study ridiculous non paying majors like “gender studies” didn’t have a gun over their heads while they took out the loans.
And quite frankly, I don’t understand why it’s the taxpayers who have to bail anyone out - the deal was between the dummy students and the banks. Let banks absorb the costs. It was their risk not that of the US taxpayers!
To be fair, imagine if you had bought a medallion before nobody expected something like uber to be a thing.
The government actually expected in 1998 that the number of payphones would continue rising, but they started declining in use just a year or two later and by the mid 00s there were gutted payphones everywhere.
To be fair, imagine if you had bought a medallion before nobody expected something like uber to be a thing.
The government actually expected in 1998 that the number of payphones would continue rising, but they started declining in use just a year or two later and by the mid 00s there were gutted payphones everywhere.
Not only that but you had to buy a medallion to be a yellow cab driver. This was forced by the TLC and NYC.
Uber and app based taxis came along and the TLC and NYC didn't enforce an equal rule on them.
Uber was the final straw. But even before Uber,et al, the entire taxi medallion sales/funding industry was a huge Ponzi scheme designed to take advantage of unsophisticated drivers. The NY Times did a major investigation article on this a few months back.
But I would not support a government funded bailout. I would support going after the scammers. But I'm sure, sensing the heat may be on, they've made any remaining money go away.
Quote:
Originally Posted by Foamposite
To be fair, imagine if you had bought a medallion before nobody expected something like uber to be a thing.
The government actually expected in 1998 that the number of payphones would continue rising, but they started declining in use just a year or two later and by the mid 00s there were gutted payphones everywhere.
I feel bad for them and there was probably a lot of misinformation and shady practices going on, but bailing out taxi drivers directly is an oddly specific move. Getting the lenders to renegotiate the terms of the loans or finding malfeasance akin to predatory lending while recouping funds or canceling debt issued from those who profited from directly inflating medallion prices is the more sensible step rather than having the general population pay the drivers for the malfeasance of those specific groups. The worst thing is when bad actors on top get paid handsomely from taxpayers. It seems like white collar crime in general goes down that road far too often and there needs to be larger general reform for such with the important thing being the ability to clawback the funds and then some. That makes more sense overall and is a better deterrent since that's taking from white collar criminals what they treasure most--their money!
^
The medallion holders need to organize, call a loan payment strike, and force a revaluation and partial forgiveness of the loans with the medallion lenders. If not, default en mass and hand them back the tin at 1/10th the price the lenders lent them.
Because we've gone a whole week without a story from that whacky AOC.
I swear news media must love this chick; she's the gift that keeps on giving. Publishers, editors, even owners must be sending her muffin baskets or something.
Surely you've been around enough to know that politicians seek to be in the news all the time, and probably all the more so with activist politicians. So why are you sounding as if it's something odd?
And, yes, I'm sure they do love her. She's attractive, vivacious, well-spoken, and saying things that are a little outside the mainstream - thus, newsworthy. So, again, why are you surprised?
It's not legal to kill a bill collector or politician- but imagine if smashing someones head in with a taxi medallion was considered a "legal loophole" because of it's status as a joint piece of property between NYC Gov't and the owner.
Is there anything stupider than buying an asset with the imagined certainty that its value can never go DOWN?
Wait till we hear the whining from condo buyers when THAT market collapses.
They should only have brought asset if they thought fares will be enough to make their money back in reasonable time frame. Or else is not a very safe investment.
If they do the math, and find that no one is selling at any price that makes sense, then dont buy. The seller will have to sit on it and do his own work.
Quote:
Originally Posted by stormgal
It’s the same crap as student loan debt - whoever took those loans out to study ridiculous non paying majors like “gender studies” didn’t have a gun over their heads while they took out the loans.
And quite frankly, I don’t understand why it’s the taxpayers who have to bail anyone out - the deal was between the dummy students and the banks. Let banks absorb the costs. It was their risk not that of the US taxpayers!
They should at least allow students to write it off in bankruptcy, and the Gubment should stay out of the student loan business ( not back up the schools ) . That way schools will have to go out and price compete on the market as opposed to gauging students.
Schools will also have to limit their enrollments knowing they wont be able to place that many students into jobs that can pay back any loans. Nowadays schools are ballooning in enrollment because schools just want to get as much money as they can even though they know majority of students wont have the high paying jobs and cushes lifestyle.
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