[neom]

I had a conversion with a yellow cab driver in NYC who was an uber driver for 2015, said it bankrupt him. I asked him why, he said "because I'm an idiot" - I asked him to elaborate and he said he didn't know basic finance well, and hadn't taken into account what it would actually cost him to drive cab for uber for the year (guy was in his late 50s, immigrated from Egypt 25 years ago). The uber rep who signed him up told him he should expect to make X dollars, that ended up not being true and his costs for insurance, fule, etc etc ended up putting him behind on the year, couldn't afford his mortgage or his car payments so he just declared bankruptcy. A medallion owner I talked to yesterday who was driving his own yellow cab is declaring bankruptcy because uber made his medallion worthless and the bank no longer considers it an asset. All in all it's a fucking mess for drivers yellow cab or otherwise.

[anentropic]

Uber is the new sharecropping

[smileysteve]

> because uber made his medallion worthless

Uber didn't make a medallion worthless any more than regulatory capture made it valuable.

[neom]

Do you know what a municipal bond is? Real question,I want to make sure you understand one basic area of the civic financial ecosystem.

[smileysteve]

Yes... I do... not sure where you are going? Are you suggesting regulatory contracts are always positive? Or randomly pointing out how the tax code has exceptions to encourage investment?