Quote:
Originally Posted by jyl
It is pretty hard on the taxi companies
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Here in Philadelphia, a taxi medallion was valued at $500,000, they are now reduced to $10,000 at the latest auction. Uber has changed the marketplace.
I do not understand how an unregulated vendor can just enter a marketplace and be able to operate unrestricted while the incumbent is still required to maintain the standards established by the community in the same marketplace. I do not understand how these small business owners can have not only their livelihood disrupted but their substantial investments in the medallions wiped out.
I understand the horse whip factory closing but this seems different. Especially considering they lost $1.2 Billion dollars. This gives the impression that their product is being sold under the true cost of a viable enterprise.