Over the weekend the New York Times reported another suicide within the ranks of New York City taxi drivers. And while it's likely that many factors played into this most tragic of acts, the Times indicated that the driver had purchased a once-coveted “medallion” that gave him the right to own and operate a taxi in the city. Crucial here is that a medallion which once fetched up to $1.3 million has plummeted to $175,000, and sometimes less.
The Times' article inferred that the rapidly declining cost of the medallion led to the driver's suicide. Having gone into debt to purchase that which had historically risen in value thanks to its scarcity, this driver was suddenly deep in debt.
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