I'm shocked at how the taxi industry is behaving in the face of this new competition. Uber and lyft have been around for several years and all they are doing is

I'm shocked at how the taxi industry is behaving in the face of this new competition. Uber and lyft have been around for several years and all they are doing is sitting there and then eat their lunch with no attempt to protect themselves. But believe me I have no sympathy for them, especially in the Bay Area. I welcome the idea that they go bankrupt after the years of disservice they have provided this area. The interesting thing is that I'm not sure what options they have at this point. Uber is spending hundreds of millions of VC money, which is a huge advantage over existing taxi companies that don't have this free money that allows them to operate at a massive loss. About the only thing I can think of is taxi companies from several cities across the U.S. have to merge together, and then partner with a smaller company that can raise the same 100M+ in financing and then create an uber competitor that can drive prices even lower. Basically it's a scorched earth policy on taxi fares driven by VC money, similar to the dot com days. Other than that, I have no idea how the taxi industry will survive, unless they can somehow get uber regulated the same way they are.