> The more I spoke to cab drivers the more it seemed their industry was a pyramid scheme aimed at helping established rent-seeker take advantage of often poor n

> The more I spoke to cab drivers the more it seemed their industry was a pyramid scheme aimed at helping established rent-seeker take advantage of often poor new immigrants Only made possible by the local government who created an artificial scarcity in the medallion system. Sure there is probably a legitmate need for some government regualtion of taxi services, but what they did just set the table for that kind of predatory behavior to exist.