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Taxi Driver Bailout?

Ocasio-Cortez Calls for Bailout for Taxi Drivers

Representative Alexandria Ocasio-Cortez said her congressional district, which straddles the Bronx and Queens, is home to many cab drivers. CreditCreditErin Schaff/The New York Times

Click here for the official Article: https://nyti.ms/2nj8ack

You know, I am kind of on the fence on this.  I mean I understand the plight taxi drivers get in, especially those in New York City, mainly driven by immigrants, but should a complete bailout be the solution.  I'm not sure about that.  I get AOC approach and I'm sure she is doing this because the government bailed out the big banks during the 2008 crash, but this, in some way is not a critical.  I don't know. 

The reason for her request for a bailout of the NYC Taxi Drivers (specifically the ones in Queens and The Bronx) are because they channeled into exploitive loans.  AOC says they were urged to take out loans with high fees, interest-only payments and one-sided terms.  They borrowed the money to buy taxi medallions that the city allow them to own and operate their cabs.  "This is manufactured financial indentured servitude", she says, "and it is wrong.  We need to bail out these drivers.". 

I get it.  It is just as bad as these title or payday loans.  They are very predatory and truly don't care about the consumer, but my usually response to them is to just try to stay away to them.  They feed into your desperation and syphon off from your struggle.  By only doing a bailout will not solve this issue, in my opinion.  Congress should work to renew the law or order President Obama enacted penalizing predatory loan companies. 

Well, of course, it is up to to congress to make the decision on this.  I just don't feel a bail out is the answer, or at least the only answer.

Your comments are welcomed below.

- A Centrist View, 2019

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