they bought into a system that really shouldn't have existed. Investments that fail are tragic, but losses of this nature can't really be protected from those who make it (otherwise, there'd be moral hazzard).
you probably have a good job due to all kinds of luck (though im sure you don't think there was any luck) and then quickly judge these people for making a stupid decision. Meanwhile these people have very limited options and buying a medallion was the closest thing they could do as an investment into their future. is it a racket? maybe, but so is the stock market and corporate jobs. just because they are still working out, does not mean they will forever. Much like medallions it's all a myth that will work as long as it's not disrupted by something else. So these people put so much money on the line to buy into this system and work 2-3 shifts/day driving your drunk ass from club to club and all you can do is look back and call them stupid for buying into something that was impossible to predict that would be disrupted so quickly. it's so easy to turn around after a disruption and call anyone in the disrupted industry a fool for buying into "a system that shouldn't have existed"
/end rant.
"While the auction has drawn attention to the precipitous fall of the once-mighty taxi industry, it does not reflect the hardship — and heartbreak — of individual owners like Mr. Isac. It is their stories that often get lost in the larger debate over new technology and commutes, and tell of the human cost of the city’s rapidly evolving transportation landscape."