Chicago taxi industry sliding towards collapse
I&#x27;m left wondering... so what?<p>The &quot;personal transportation&quot; market has massively changed. Whether it&#x27;s for the better or worse simply <i>doesn&#x27;t matter</i>.<p><pre><code>  Veteran Chicago cabbie John Aikins,67, who is facing 
  foreclosure on two medallions for which he owes more than 
  $330,0000, said he has little hope that the industry can 
  be saved.

  &quot;It feels like the city is just watching us collapse,&quot; 
  Aikins said. &quot;Right now, there are a few people, the 
  elderly and some others who refuse to take Uber because 
  they are uncomfortable with it, that keep us going. But 
  how many of those people are out there to sustain us?&quot;
</code></pre>
Chicago, by way of example, does not &quot;owe&quot; the cab industry anything. And, in fact, likely needs to make their own changes to manage the quickly-depreciating medallion model. The government in no way insured that medallions would be a winning business investment. And, harshly, those defaults (on the secondary market, no less) likely won&#x27;t have much economic impact.<p>I&#x27;m firmly behind Judge Richard Posner: &quot;Were the old deemed to have a constitutional right to preclude the entry of the new into the markets of the old, economic progress might grind to a halt.&quot;