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Most, if not all, of the people holding the medallions had nothing to do with their institution or even maintenance as a monopoly. They are simply entrepreneurs
by x5n1 11y ago
Most, if not all, of the people holding the medallions had nothing to do with their institution or even maintenance as a monopoly. They are simply entrepreneurs playing an existing game. A game whose rules have drastically changed.
- smsm42 11y agoThat's the risk in the entrepreneurship. And that's exactly why people push for less restrictive regulations - to reduce this risk coming from regulatory change. Of course you never can take the risk of change out of entrepreneurship, but at least you can reduce the risk from regulatory challenges and changes. What seems to be happening instead is simultaneously arguing for more regulation and to insulate people from the effects of change in the regulation - which will only breed more regulation, more people hurt by it and demand for even more regulation to compensate for it. The only way out of this vicious circle of regulation to fix regulation is to minimize the regulation to the minimum necessary to ensure basic equal access to the market, basic contract enforcement, etc. and then let the market participants figure it out. That way at least the regulatory component of the risks is greatly reduced. If you are not forced to pay $250k for the privilege to do business, there's no way this investment would go bust.