Drivers, we are not yet seen the deep impact of our recession on yellow taxi industry, but our taxi drivers are already started to feel the pinch with reduced trips and more fuel burning on the streets looking for fare. Its just the begining and its going to get bad. For the past 1 years we struggled with higher gasolines prices which made a big impact on our earnings and now the 'Recession'! And as we all know our lease doesn't come cheap. So, I think we should be more careful what we are getting in to. Especially buying medallions, drivers stay away right now. The medallion prices are so high and its not really worth the money based on our economic conditions. Everything will come down, wait for the right moment to buy medallions. The way our economy is going right now is showing a huge impact on all Businesses, we are all suffering. Lot of businesses will go out of business, store closers, layoffs and less consumer spending, that means not enough trips and less earnings for us.  The recession we are getting into is something that world has never felt it before. Recession is not just in america, its around the world. So, be wise brothers.

It's gonna hit the black car and high end limousine industry harder and faster. Face it, most of their customers are either in poorer nabes or are corporate clients. Poorer nabe people will take the bus or walk. Corporate clients can cut back on car service, raise the time aftter which they will pay to get you home- say from 8 to 9, or renogiate rates. Yellow cab clients are much more varied, and with GPS now in place, we might even pick up corporate accounts looking to lower their transportation bills.

It's not like the 1930's, when there were 21,000 medallions, and almost half were not renewed because business was slow. Its more like there are 13,000 medallions out there, with another 30,000-40,000 black cars, and guess which service will suffer first and fastest. Yes, we will have tougher times ahead, but given the fact that many of those black cars survived by poaching our rides anyways, and given the fact that faced with a choice, a quality street hail will pick us over the black cars, I think we have less to wory about than either the high end or the low end competition.

But be careful out there. Bad times always encourage more violence, and ripping off cab drivers might be seen as an easy way to make money.