California’s “Low Man” created state sanctioned automotive loan fraud

Can-Toi, also known as “Low Men”, are vaguely humanoid creatures who feature in the Dark Tower series of novels by Stephen King who do the bidding of the evil ‘Crimson King’.

 

In the birthplace of the so called “ridesharing” industry, California, State Assemblyman, Evan Low drafted AB 828.

Though much of Low’s other legislative efforts have been very progressive and socially sound, AB 828 has introduced a profoundly corrupt element into California’s commercial transportation and loan markets.

AB 828 allowed TNC, Transportation Network Company or Rideshare Company (Uber & Lyft), vehicles to receive an exemption from registering commercially with the California Department of Motor Vehicles.

This exemption has promoted a network of corrupt dealerships, cartel drivers and automotive financiers to violate federal lending and securities laws.

 

It is Ride Safe’s belief this vast network of corruption is not exempt from federal law.

 

The interest rates for consumer auto loans are lower than the rates for livery (commercial vehicle) loans.

True personal vehicles drive an average of 12,000 miles annually.  Consumer auto loans base the depreciation using a 12,000 annual mileage rate.  In San Francisco a fully utilized taxi driving both shifts does 100,000 miles a year.

What happens when a ridesharing driver defaults of the loan or the vehicle is in an uninsured wreck?

Those losses are passed back to the “consumer” automotive loan sector.  The cost is passed on to general public via automotive loan inflation.

What happens to the investors of these defaulted “liar loans” that are bundled into investments?

Pension Funds and other investors lose money. 

Reports show an increase in the amount of defaults in automotive lending since 2013 to 2017.  What percentage of those defaults involve a ridesharing vehicles?

How would victims of this fraudulent activity be made aware?

 

SF Shooter 13 is a Ride Safe Protected Source correspondent embedded in the San Francisco commercial transportation Market.

 

 

Letter from the editor, never stop resisting fraud, hate and ignorance, never give up on America

These last five years have been the longest, most costly and most embattled, I have ever endured while dealing with the fraud being spread by the “gig” economy.

But my own losses are hardly as costly as they have been to many who are out there right now trying to make a living in a market saturated with fraud that is now considered fair business practice.

In my previous work exposing pyramid scams like MCA or child pornographers like Brian Cartmell, the work had been easy, though never truly rewarding.

50 years ago a company like MCA would never be allowed to legally exploit an employee or partner with falsified promises and continue for years doing business this way, even when costs fall on the general public and the FTC has already sued the company for millions.  MCA is still in business today after paying off FTC fines that pale in comparison to their earnings exploiting victims.

In Cartmell’s case, the laws had not yet caught up to the crime.  Cartmell’s company IEG (first major online porn provider in the US) had been sub-linking customers to foreign child porn networks for years, making him a hefty profit.  But there were no clear laws at the time condemning or even properly regulating this in the mid 90’s.  He now lives la lavish retirement in New Zealand from his partnership earnings with Zevia Cola.

Some battles you win, some you lose, some you come to an attrition that you hope future history will iron out.

 

The tide has turned

These last few weeks in New York have been a major victory for our work at Ride Safe.

I had expected that Uber’s billions and manipulations of elected officials and media would have kept them in power in a city like New York at least another five years.

But will all their money and lobbying, Uber simply could not win against the simplest of things.

So much like the final scenes of War of the Worlds, the once mighty and unstoppable Uber has now fallen due to an old and deadly foe that the Taxi industry became prepared and fortified against over 100 years ago, MATH.

Saturating a city with an uncapped number of vehicles with no real insurance for commercial operations or proper vetting for drivers has a very simple quantifiable and exponential outcome which violates the very principals of economic sustainability.

This is why Taxis cap fleets, provide vetting, provide insurance to cover ALL, measure dispatch carefully and serve the market based on supply and demand, not mindless gratification at the expense of the general public and establishment of corporate welfare.

New York was a revelation for me.

These large and ugly systems of greed and manipulation CAN be broken and sent packing.

It simply takes determination and focus.

 

TODAY I also have more cause to celebrate and congratulate our efforts as Americans.

 

Before I get to this, PLEASE keep in mind that Uber would not exist today if it were not for the efforts of political figures on BOTH sides of the spectrum (liberal and conservative).

However it can not be ignored that the majority of those political figures and the ones who gave the most essential support were none other than the Republicans of the United States.  Most notably Scott Walker, who took the most lobbying and bribe money of any US governor from Uber and Donald J. Trump, who actually wanted Uber’s previous CEO on his business council.

This is not to say the Republican party in total has a severe issue.  I actually consider myself a very traditional Republican.  The party has simply lost sight of what it was founded upon.

My great great great great great grandfather William Alderton fought for the union after the protest of 1854 that created the Republican party.

It should never be forgotten that in 1854 The Republican party was founded on principals that are entirely opposite the GOP’s stance today.

Especially that of it’s current figurehead.

 

The Republican party was founded to end “manifest destiny”, the establishment of state laws that differentiated so much from others that they violated constitutional rights and of course the practice of slavery.

 

A Republican of 1861 would never have been caught dead waiving a confederate flag any more than a Democrat of the same era would have advocated for equal rights to non-whites.

Which is why it was very funny to see a small group of Trump supporting white supremacists marching on our capital today while being eclipsed by the number of counter protesters there to inform them their mentality is unwanted and un-American. 

Why the two parties changed so much since that time is the answer to why this country is in such a hateful and confused state today.

We can not forget what made us great.