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Comment by ryandrake | Hacker News Reader

US, State and local governments seem to have taken on the job of propping up the values of (some) people’s investments and bailing them out when they lose value. See all the crazy things done to keep home prices inflated and the risk-swallowing they did for the financial services industry. All at the people’s expense.

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Well, in this case the investments were originally sold by the city, based on the promise that the city would use its authority to maintain their scarcity, so I don't think it's unreasonable for the city to offer some kind of bailout.

>Well, in this case the investments were originally sold by the city, based on the promise that the city would use its authority to maintain their scarcity .."

Where was that promise codified?

Oh, don't be coy. That's the whole point of the medallion system.

No that is not and has never been "the point" in the medallion system.

Perhaps do just a modicum of research before making such false and uninformed assertions:

http://www.nyc.gov/html/media/totweb/taxioftomorrow_history_...

Yeah man, I read that. I stand by my claim.

Seem to? The entire middle class was built this way. See: FHA, student loans.

>"The entire middle class was built this way.

FHA and student loans allowed mortgages and higher education to be accessible to more people. This is not the same thing as propping up the value of my degree and my home's valuation in the market place after I have acquired them. The Middle Class in the US was built by former(and other New Deal policies) not the latter.

It's interesting that one of these things had a major financial meltdown last decade and the other is well on its way (student loans).

Coincidence?

The fact that there is a lot of student debt does not mean that a meltdown is coming. The housing market crash was so significant because of the amount of leverage that was in the system (and how obfuscated it was).

There leverage in the student loan market is much lower for the time being.

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