The cap driver perspective…
When I travel on business I like to talk with the local people to gather their perspective on life, economy, and the world in which we live. Too often people live in a vacumm and only know what we see on TV or in the newspapers. Personally I enjoy speaking with all kinds of people. You can learn a lot by talking with your neighbors, near and far.
This morning, while I savoring my first cup of coffee, I went outside here in New Orleans where it is still pre dawn and I met a group of cap drivers who were sitting on the curb next to their cabs waiting for the morning rush. I sat down with them and learned that they are all lifelong residents of New Orleans and a great bunch of people. I had a wonderful discussion with these fine people and whenever you want to learn what life is like for hard working people go talk to a cab driver.
One of the questions I asked the group was why there were so many ‘for sale’ signs in the French Quarter where I am staying. My first impression upon arrival here in the city was it was due to the hurricane which devastated this city. I was surprised to learn that many businesses are shut down not because of the hurricane (people giving up on the city), but rather it is due to the cost of staying in business. The cab drivers all said the same thing, that it is too expensive to keep operating. Even in the French Quarter where tourism has come back. The economy is the primary blame for businesses closing shop and not a direct result of the hurricane aftermath. And these hard working people also told me how difficult it has been for them to keep their families fed and a roof over their own head.
So, a few coffee drinking people in the pre dawn hours on Bourbon Street talked about the economy, politics, and life. One cab driver told me that he can’t understand why the President says the economy is so good, in is words he said “George should come live in my house for a week”, he will see how bad it is.Â


Yeah, you can find out a lot of useful things about a geographical area from cab drivers alright. But, as for any financial or investment data, look out. They can be great rumor spreaders. Just before the big stock market crash of 1929, New York cabbies were touting stocks their brokers had talked them into buying on margin.
I’ve heard that story about the NY cabbies, too. In this instance, the information the cabbies related is not rumor. Even though the New Orleans economy has special problems, I personally know small business owners who have closed up shop in the last year due to the burdens of increased costs.