First link below : The Taxi Industry Is in Total Collapse: Philly medallions fetch less than 17% of asking price
NY is no better. As I recall the medallions there have gone from $1m plus to around $200k in the past three years. Here's the thing:
The taxi licensing system has evolved over time to accommodate all sorts of civil and financial issues, such as excess proliferation of livery, safety and licensing, legal liability, etc. Uber has never been legal but they haven't been flat-out shut down because they operate at the fringe.
It's clear that something is going to change about the way we handle car hire, but it won't be 100% Uber. It won't be 100% taxi, either.