Cabbie self-harms on camera
A taxi driver slashed his own arm on camera during a news interview on LCN, so cabbies have suspended pressure tactics for the moment.
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Kate
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Blork 12:05 on 2019-03-29 Permalink
According to CBC Radio news, the driver who slashed himself owes the bank more than $1,000,000 for taxi permits that he owns, and those permits will be almost worthless if the law passes. Yikes.
Chris 12:08 on 2019-03-29 Permalink
Yikes indeed. Banks will loan that much to people that earn so little? I didn’t think so…
john B 12:23 on 2019-03-29 Permalink
@Chris: Of course they will if you have collateral. In this case he owns several taxi permits, which are/were worth a lot, but if their worth becomes zero the bank will probably come after him, not his permits.
Blork 12:28 on 2019-03-29 Permalink
Hopefully the loan is to his business and not him personally, as that at least gives him some protection.
This guy is not alone, although I don’t know how many people own multiple permits. But even if you only own one, your loan for it can easily be in the six figures. I’ve always thought that permit system was a racket, and this is (one of the reasons) why.
Bert 20:33 on 2019-03-29 Permalink
I have some tulip bulbs for sale, as well as some land in Florida.
The permit system is a racket, as are other government run programs like property taxes, income tax, etc. What broke the permit system is the government not being able to regulate the car sharing industry. In my opinion Uber et al. waddles and quacks.
This reminds me of a story I listened to a year or so ago. I think it is this guy: https://www.businessinsider.com/nyc-taxi-king-rise-fall-2017-8#default-on-a-loan-from-citibank-leads-to-bankruptcy-filings-4
Marc 10:26 on 2019-03-30 Permalink
It seems like it would only be fair for the government to buy back the permits at fair market value if they’re going to suddenly change the law. When they destroy homes to build highways aren’t the people normally compensated?
Kate 10:40 on 2019-03-30 Permalink
Marc, when you’re expropriated the government gives you its assessment of the value of your property, which isn’t necessarily the amount you would’ve made if you’d sold it voluntarily in the normal way.
I think the same thing may be applied here in the case of the permits.
Marc 10:40 on 2019-03-30 Permalink
Ok I actually bothered to read a bit and I see that they are offering compensation, but I guess the issue is that having $45,000 in your pocket is not the same as having a permit which generates income. And also that a highway could be deemed a useful public utility. Has the government actually given any good reasons for changing the law?
Kate 10:42 on 2019-03-30 Permalink
Has the government actually given any good reasons for changing the law?
Now, that’s a valid question I have not seen answered.