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I found the article to be a sad tale, rather than defining it as baffling. The answers to most of your questions can be found in the article, which describes th

I found the article to be a sad tale, rather than defining it as baffling. The answers to most of your questions can be found in the article, which describes the latent demand for medallions, allowing the opportunistic speculators to swoop in. It was aided by the city, which no doubt welcomed the additional revenue, and didn't do anything substantial to prevent a bubble from forming and exacerbated the misery. The effect of the pump and dump was compounded by the victims, who share a common thread, and their stories pepper the article. This vulnerable group was targeted for it's high susceptibility to any number of cons, and were also the most likely to ignore the zeitgeist of the app-model. Many were immigrant cabdrivers who could not speak English fluently and signed loans they could not afford, lured by the promise of easy wealth and a secure future.

bko 7y ago
> ... allowing the opportunistic speculators to swoop in ... This vulnerable group was targeted for it's high susceptibility to any number of cons, and were also the most likely to ignore the zeitgeist of the app-model. This is where the narrative of victim and victimizer breaks down. Consider one of the sad tales from the article: > “They used us to get rich,” said Demetrios Manolitsis, 52, a Chicago cabdriver from Greece. Mr. Manolitsis, who started driving in 1992 and owned an extra medallion as an investment, said New Yorkers in Chicago convinced him to borrow money to buy 15 more medallions at the height of the bubble, when prices were skyrocketing and the asset seemed invincible. He is now buried in debt and on the brink of losing everything. He's both an opportunistic speculator buying 15 (!) medallions and a victim who was conned. Depending on when the market took an eventual downturn he could have been a villain. He could have been part of the ominous "they" sprinkled throughout the piece!
- johnnycab 7y ago
  >He's both an opportunistic speculator buying 15 (!) medallions and a victim who was conned. Depending on when the market took an eventual downturn he could have been a villain. He could have been part of the ominous "they" sprinkled throughout the piece! I would describe him as a victim of greed, as he already had another medallion as an investment. For him to be regarded as a 'speculator' in this context ─ he could have averted financial ruin by conducting due diligence before acquiring toxic assets and/or hedge his bets. If one were to consider him opportunistic, he should have been savvy enough to know, when to get out and leave others holding the bag. Since, he seems to have exhibited none of the predatory behaviour associated with a conman, it is a bit presumptuous to speculate on his villainous tendencies.
  - bko 7y ago
    Explain to me a framework for determining victimhood. > For him to be regarded as a 'speculator' in this context ─ he could have averted financial ruin by conducting due diligence before acquiring toxic assets and/or hedge his bets. Is the term speculator contingent on financial success? > If one were to consider him opportunistic, he should have been savvy enough to know, when to get out and leave others holding the bag. Is opportunistic contingent on someone being able to tell the future and know when prices are at their peak? > Since, he seems to have exhibited none of the predatory behaviour associated with a conman I imagine he wasn't using all 15 of his medallions simultaneously. Presumably he was renting out his medallions to other and profiting off their labour. Is this predatory? > it is a bit presumptuous to speculate on his villainous tendencies. You miss my point. I reject the entire notion of victim and victimizers in this context. The analogy doesn't fit. If you buy 15 of a valuable and high growth asset on credit, you're a speculator. And that's fine. There are no villains here, just some who were fortunate in timing and other who were less fortunate.

bko 7y ago

> ... allowing the opportunistic speculators to swoop in ... This vulnerable group was targeted for it's high susceptibility to any number of cons, and were also the most likely to ignore the zeitgeist of the app-model. This is where the narrative of victim and victimizer breaks down. Consider one of the sad tales from the article: > “They used us to get rich,” said Demetrios Manolitsis, 52, a Chicago cabdriver from Greece. Mr. Manolitsis, who started driving in 1992 and owned an extra medallion as an investment, said New Yorkers in Chicago convinced him to borrow money to buy 15 more medallions at the height of the bubble, when prices were skyrocketing and the asset seemed invincible. He is now buried in debt and on the brink of losing everything. He's both an opportunistic speculator buying 15 (!) medallions and a victim who was conned. Depending on when the market took an eventual downturn he could have been a villain. He could have been part of the ominous "they" sprinkled throughout the piece!

johnnycab 7y ago
>He's both an opportunistic speculator buying 15 (!) medallions and a victim who was conned. Depending on when the market took an eventual downturn he could have been a villain. He could have been part of the ominous "they" sprinkled throughout the piece! I would describe him as a victim of greed, as he already had another medallion as an investment. For him to be regarded as a 'speculator' in this context ─ he could have averted financial ruin by conducting due diligence before acquiring toxic assets and/or hedge his bets. If one were to consider him opportunistic, he should have been savvy enough to know, when to get out and leave others holding the bag. Since, he seems to have exhibited none of the predatory behaviour associated with a conman, it is a bit presumptuous to speculate on his villainous tendencies.
- bko 7y ago
  Explain to me a framework for determining victimhood. > For him to be regarded as a 'speculator' in this context ─ he could have averted financial ruin by conducting due diligence before acquiring toxic assets and/or hedge his bets. Is the term speculator contingent on financial success? > If one were to consider him opportunistic, he should have been savvy enough to know, when to get out and leave others holding the bag. Is opportunistic contingent on someone being able to tell the future and know when prices are at their peak? > Since, he seems to have exhibited none of the predatory behaviour associated with a conman I imagine he wasn't using all 15 of his medallions simultaneously. Presumably he was renting out his medallions to other and profiting off their labour. Is this predatory? > it is a bit presumptuous to speculate on his villainous tendencies. You miss my point. I reject the entire notion of victim and victimizers in this context. The analogy doesn't fit. If you buy 15 of a valuable and high growth asset on credit, you're a speculator. And that's fine. There are no villains here, just some who were fortunate in timing and other who were less fortunate.