Last week, an NYC auction of 200 new medallions for wheelchair-accessible taxis fetched record prices of up to $1.3 million each, reports NyPo.
Asks NyPo: Why are fleet cab owners bidding sky-high prices for new medallions?
NyPo answers: Maybe they understand that the value of medallions is likely to rise with new mayor Bill deBlasio who has been an outspoken critic of Mike Bloomberg’s efforts to open up the system.
Here's the crony socialist kicker: According to NyPo, deBlasio collected more than $350,000 in campaign funds from the taxi-industry cartel. And, there are no signs he has any intention of doing anything to open up an over-regulated and tightly controlled system that leaves New Yorkers today with roughly the same number of licensed yellow cabs on the streets as there were in 1937, when medallions were first issued.
Let the masses walk.
The Finviz chart of Medallion Financial Corporation, TAXI, traded to a new high
ReplyDeletehttp://www.finviz.com/quote.ashx?t=taxi
Under liberalisms, one was an investor who had economic life in investment choices provided by the speculative leveraged investment community, and in their schemes of credit and carry trade investing. Under authoritarianism, one is a debt serf who has economic life in the diktat of regional nannycrats operating in statist public private partnerships, and in their schemes of totalitarian collectivism.
Under liberalism bankers waved magic wands of credit and carry trade investing creating prosperity. Under authoritarianism nannycrats waive wands of debt servitude and regional integration enforcing austerity.
Doug Noland writing in Credit Bubble Bulletin has posted many times that liberalism was an age characterized by wildcat finance. I relate that authoritarianism is an age characterized by wildcat governance where nannycrats bite, rip and tear one another apart to become the top dog despot and top dog seignior.
Liberalism was terminated on October 23, 2013, by the bond vigilantes calling the Interest Rate on the US Ten Year Note, ^TNX, higher from 2.48%. This was an “extinction event” that terminated the paradigm and age of liberalism, and commenced the paradigm and age of authoritarianism. Fiat money, consisting of credit and currencies, died on October 23, 2013, as Aggregate Credit, AGG, as well as Major World Currencies, DBV, such as the Euro, FXE, the Australian Dollar, FXA, the Swedish Krona, FXX, and Emerging market Currencies, CEW, such as the Brazilian Real, BZF, and the Indian Rupe, ICN, all traded lower in value. A new form of money, that being diktat money, is rising to govern economics.