He gambled that the cities artificial monopoly would last so he could continue to gouge consumers until retirement. In fact, he gambled the monopoly would stay strong so medallion prices would increase so he could reap a secondary monopoly profit by selling his medallions.
The fact that medallions, which originally cost far less than $300,000, shot up to that price is solely because of the money they allowed you to grift from chicagos citizens. Now you think those citizens should be punished again to pay more taxes in order to redeem the speculators medallions at their highest historical price?
My guess is that if medallions changed hands at $300K, that meant that they could be leased out to cabbies for over $30K a year. That's the monopoly profits the system created for them.
We never should have bailed out the banks without much harsher terms. But politicians were worried about financial collapse. There is no worry about that here, this is objectively good for the economy and the country.
The fact that medallions, which originally cost far less than $300,000, shot up to that price is solely because of the money they allowed you to grift from chicagos citizens. Now you think those citizens should be punished again to pay more taxes in order to redeem the speculators medallions at their highest historical price?
My guess is that if medallions changed hands at $300K, that meant that they could be leased out to cabbies for over $30K a year. That's the monopoly profits the system created for them.
We never should have bailed out the banks without much harsher terms. But politicians were worried about financial collapse. There is no worry about that here, this is objectively good for the economy and the country.