Unintended consequences

Unintended consequences

Cry Wolf Quotes

The Community Reinvestment Act does not appear to have had any positive effect on lending to residents of LMI neighborhoods. In fact, it appears to have had a negative effect on CRA lenders and LMI residents alike… While both CRA- and non-CRA lenders have increased the number of loans to low-income borrowers, the financial soundness of CRA-covered institutions decreases the better they conform to the CRA.

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Michelle Minton, Competitive Enterprise Institute

No rule of thumb method ... can be devised which will fit all securities in all situations....It would produce even greater injury than the Federal Securities Act in retarding or preventing the follow of securities into new and refunding issues, which are indispensable if employment is to be maintained and increased and the huge burden on the Treasury is to be relieved.

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From a statement issued by the unnamed “directors” of the U.S. Chamber of Commerce

The net result could well be a greater probability of oil spills, less likelihood of a responsible owner to deal with those spills, less reliable transportation of oil and greater cost to the consumer; the very things the U.S. wanted to avoid.

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Vernon C. Miller Jr., Vice President of Greenwich, Conn.-based Skaarup Shipping Corp. The Journal of Commerce.

I feel that the sponsors and endorsers of Bill 270 have been "taken in" by the spurious and irresponsible claims of its drafters. I very much fear that those drafters are motivated by a "zero-risk" philosophy which is impossible to achieve….Not only is it unnecessary, but attempting to achieve "zero-risk" can destroy business and commerce.

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Thacher Longstreth, president of the Greater Philadelphia Chamber of Commerce and former Republican city councilman