Crazy Taxi Medallions

I took cab to LaGuardia once with a Russian immigrant cabbie who proceeded to tell me all about his life here in America, beginning with his gradual purchase of 8 taxi medallions over the span of 30 years and ending with sending his daughter to law school last year.  It was quite the inspiring story.  Then, as I began to crunch the numbers he was giving me, I realized that this cabbie had a higher net worth than 8 of my lawyer friends put together.  Each New York taxi medallion was worth approximately $641,000 and since he's only required to actually drive the taxis part time, he could rent out the remainder of his medallions and make rental income.  According to this USA Today article from 2009, New York taxi medallions have out performed every index imaginable.  Oh the American dream...at least for those fortunate enough to own a medallion...there's much to be said for the plight of those who scramble to lease a medallion and then must work to make enough to cover rent, but today, I'm all about optimism so I'll just leave it at that.