By: Elliott Wave International
As a native New Yorker, I can say with complete confidence: It's true; there's no place on earth like The Big Apple. It's also true that, until recently, most New Yorkers would trip a nun if it meant hailing a Yellow cab first.
Fact is, the NYC Yellow cab used to be the hottest commodity in the five boroughs. When you needed a ride, spotting a cab with its service light on was like finding the last pair of Manolo Blahnik shoes in your size at a Manhattan Sample Sale.
But those days are over in NYC (and nearly every major U.S. metropolis). In the past year alone, street hail vehicles have suffered a series of crippling blows -- including plummeting demand, fleet changes, sliding medallion values, and the "Taxi King" himself -- Gene Freidman -- filing for bankruptcy.
Today Friedman is on the hook for millions of dollars he borrowed to purchase hundreds of taxi medallions. (At one point, he "owned" more than 1000!) Writes an October 26 article in The Federalist: Continue reading "The Bear Market Meter Is Running"