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Colin Quinn Talked To NYC Cab Drivers About The Industry’s Suicide Crisis (HBO)

Karl Marx

Well-Known Member
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  • #7
Ah-HA!, Karl is all about getting rich off the GICs :smiles:
My sincere and humble apologies. I was multitasking when I should have been concentrating on just one task. Here is the proper link. Yes we do all live, in a whats left, of dysfunctional capitalism and yes I was shopping for GIC rates. As you know I have retired and I am a bit wary of the equity markets of late and especially the more recent actions of the POTUS. Truth be known I am going cash, bonds and the worse investment ever, GIC's.

Central bank warnings on the global economy are getting louder
https://www.theguardian.com/business/2018/dec/06/central-bank-warnings-are-getting-louder-and-more-frequent-howard-davies

 
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dmoney155

Well-Known Member
My sincere and humble apologies. I was multitasking when I should have been concentrating on just one task. Here is the proper link. Yes we do all live, in a whats left, of dysfunctional capitalism and yes I was shopping for GIC rates. As you know I have retired and I am a bit wary of the equity markets of late and especially the more recent actions of the POTUS. Truth be known I am going cash, bonds and the worse investment ever, GIC's.

It's ok Karl... just having fun. When in Rome do as Romans do. Why bonds are bad?... Sure, during the economy cycle where rates are raising you might not get good deal on them, but they're pretty safe bet.
But now that you shopped around... help the community out and share, you found some good rates?... I recently put some money on one from RBC. 3% for 3 years, non-redeemable.
 
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Karl Marx

Well-Known Member
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  • #9
It's ok Karl... just having fun. When in Rome do as Romans do. Why bonds are bad?... Sure, during the economy cycle where rates are raising you might not get good deal on them, but they're pretty safe bet.
But now that you shopped around... help the community out and share, you found some good rates?... I recently put some money on one from RBC. 3% for 3 years, non-redeemable.
I'm with RBC and I will probably use them for GIC's. Meridian is also a good choice at 3.25 and has an office at Wellington and Simcoe.
But it is still a bad investment if you are young.
 

Will Ontario

Well-Known Member
Boo hoo taxi plate owners.The lawyers and doctors who bought all the plates up in the 80's and 90's and resold them to the current owners made a killing.Beck taxi who leases them out cannot find enough fools to rent them and pay for dispatching fees are losing money.Plates were never meant to be investment but to control volume of taxi's in the city,this was created in the 80's but time has change and no way this same policy applies now.Even now taxi owner has not adapted,same BS service,same BS hail from the corner mentality.Heck even their app looks like it was designed by a 10 year old.
 

Karl Marx

Well-Known Member
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  • #11
Not to mention these GICs probably funnel the money to the environment wrecking, global warming contributing oil companies.
OK..I admit I may be a hypocrite but I try my best but you can't completely divorce yourself from the evils of capitalism. My father was always called a champagne socialist but he never forgot his Tolpuddle roots.
 

i_k

Well-Known Member
OK..I admit I may be a hypocrite but I try my best but you can't completely divorce yourself from the evils of capitalism. My father was always called a champagne socialist but he never forgot his Tolpuddle roots.
If we divorced ourselves from the evils of capitalism we’d be rotting in a gutter somewhere. It’s ashame we can’t live a decent life unless we play their game. But hey, c’est la vie.

It’s what Joey Bada$$ infers to in his song, Paper Trails: we can’t avoid it..


They say money is the root of all evil,
I see money as the route of all people,
‘Cause we all follow paper trails, paper trails,
And everybody gotta pay their bills, pay their bills...

 

TwoFiddyMile

Well-Known Member
I'm not only a capitalist, I'm also protectionist. The two are not mutually exclusive. It took this Uber crisis to teach me about myself, that when I used to control 5 medallions (I never owned one I'm not in one of those ownership cities) and now I only control one medallion and I see what's happening to a once-great industry and the people that invested in this industry it breaks my heart. Uber also destroyed my life and everything I built into my cab company but that's an entirely different story.
 

Karl Marx

Well-Known Member
  • Thread Starter Thread Starter
  • #15
If we divorced ourselves from the evils of capitalism we’d be rotting in a gutter somewhere. It’s ashame we can’t live a decent life unless we play their game. But hey, c’est la vie.

It’s what Joey Bada$$ infers to in his song, Paper Trails: we can’t avoid it..


They say money is the root of all evil,
I see money as the route of all people,
‘Cause we all follow paper trails, paper trails,
And everybody gotta pay their bills, pay their bills...

"Artists are always the antenna of the culture." McLuhan
 
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hooj

Well-Known Member
I'm not only a capitalist, I'm also protectionist. The two are not mutually exclusive. It took this Uber crisis to teach me about myself, that when I used to control 5 medallions (I never owned one I'm not in one of those ownership cities) and now I only control one medallion and I see what's happening to a once-great industry and the people that invested in this industry it breaks my heart. Uber also destroyed my life and everything I built into my cab company but that's an entirely different story.
As a vet in the cab industry, did you not think in the industry’s prime hey-day (60s-00s) that things were going better than it could ever be? Seemed like decades went by before the industry realized that the model was not going to sustain in it’s practices.

Minimal competition.
High fares.
Low consumer choice.
Quasi-monopoly.

I know in some European countries, cabs were making hand over fist at airports, train stations, etc. demanding from tourists nearly 3-5x what a regular fare was just because tourists were less inclined to know how much things cost.

The consumer animosity towards taxis only grew through these years as taxi companies did little to change, help or improve their service.

The backlash is this: Uber and Lyft.
 

METRO3

Well-Known Member
they are saying the medallions have depreciated. sound familiar? ya cuz thats how it is with our investment into uber with our personal cars.

wait how much did these guys pay 20k or 100k for the medallion?
 

Petrikov

Active Member
It's ok Karl... just having fun. When in Rome do as Romans do. Why bonds are bad?... Sure, during the economy cycle where rates are raising you might not get good deal on them, but they're pretty safe bet.
But now that you shopped around... help the community out and share, you found some good rates?... I recently put some money on one from RBC. 3% for 3 years, non-redeemable.
i have my car repair stash at eq bank saving account 2.3% per year

i am trying to pass level 1 CFA exam and learned that you cannot beat a market means your personal return could not be better than index return on the long run. Open my eyes on trading what an addictive gambling and way to lose money. i will not be surprise d if ny uber driver jumped because he lost his money on stock market - more realistic than not making money driving.
 

Will Ontario

Well-Known Member
Most fail to realize consumer has the final say where they spend their money.Rideshare offers them faster and better service sometime way cheaper than taxi's.Taxi industry was never a "great industry".It was monopoly of rich investors playing a system where they made lots of money on the backs of immigrants and flipping plates.The industry should just fade away.
 
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