Part of the story of the million dollar taxi medallion is the federal reserve and quantitative easing.

They have been printing sixty-eight billion dollars of make believe money out every month. Word is they are easing out of this mode . That is why emerging markets are taking a hit. Combine this with the Bloomberg threat to "fucking destroy" the value of the medallion and you have a perfect storm. Something to think about as the October New York taxi medallion auction draws near.