> On May 20, 2015, at 4:02 PM, Michael Smith <mjs at smithbowen.net> wrote:
>
> This is exactly right. Uber is a monstrosity, and Travis Dickhead or
> whatever his name is exemplifies everything that is wrong, wrong, wrong
> with Silicon Valley startup culture. But the medallion taxi racket is a
> disgrace. NYT: "The average price of an individual New York taxi medallion
> fell to $840,000 in November, down 20 percent from its peak of $1.05
> million in June 2013."
>
> Clearly this is a speculative asset, like real estate and Rembrandt.
Yeah, but if the projected income stream is reduced, so to is the value of the capitalized asset. It's a perfectly rational downgrading.