Re:Chicago taxi industry sliding towards collapse
by eldavido on Friday June 09, 2017 @08:01PM
(#14525457)
Well not just that, but also, Uber and Lyft are moving a lot of people around, cheaply, all while providing income for drivers.
All that's going on here is that cabbies made a bad investment and are losing. Sorry, but if you're tying up 90% of your wealth in a single asset, the value of which is 100% dependent on fickle regulation, and you didn't see this coming a few years ago, I don't have much sympathy. No prudent financial adviser would recommend this, and further, if you were so exposed, you should've been paying attention to what's happened in the industry over the past, I don't know, 8 years?
All that's going on here is that cabbies made a bad investment and are losing. Sorry, but if you're tying up 90% of your wealth in a single asset, the value of which is 100% dependent on fickle regulation, and you didn't see this coming a few years ago, I don't have much sympathy. No prudent financial adviser would recommend this, and further, if you were so exposed, you should've been paying attention to what's happened in the industry over the past, I don't know, 8 years?