I’m a very, very progressive Democrat. I’m very embarrassed to say that some of our icons are making a fortune from the taxi medallion system.
Taxi companies will not be able to compete or afford to become TNC’s as the industry migrates toward TNC’s. The taxi monopoly will simply be replaced by a new “Uber monopoly”, excluding current taxi companies
For 18 years, Mario Cuomo has been a board member at Medallion Financial (TAXI), financier of taxi medallions from New York, Chicago, Boston, Newark and Cambridge. There is a reason top tier banks avoid medallion loans.
An article on June 19 advises that the best way to bet on Uber’s success is to short TAXI
After peaking at $17.85 in November, Medallion shares lost about 1/3 of their value, a decline that has coincided with a rush of short sellers betting that the stock will keep falling.
Why would these legendary Democrats dirty their hands in this industry?
Gentlemen: please stop lobbying for taxi medallion owners.
On the other hand, there are many well-known Republicans who accuse taxi medallion owners of colluding in a bureaucratic conspiracy to smother competitors providing exactly what consumers want.
John Sununu, former Governor of New Hampshire and White House Chief of Staff under President George H.W. Bush, wrote an op-ed in the June 23 Globe titled: Uber isn’t the problem; taxi regulations are .
FreedomWorks attacks The Tyranny of the Taxi Medallions.
Taxi companies that rent out access to the medallions have immense economic power over the drivers. If you’re not willing to basically become an indentured servant to get medallion access, well, you’re out of luck.
Progressive Democrats must run away from the taxi medallion industry as fast as possible.
Protection of taxi medallion owners is one of the worst vestiges of Democratic Political Machines.
Boss Tweed would have loved to clobber Lyft and Uber.
Boss Tweed is dead.