Unintended consequences
Cry Wolf Quotes
If the Coast Guard implements a regulation requiring the certificates, but if there are no insurers willing to back them, then there is the possibility that all tankers would be banned from US waters.
The important question, however, is not the default rates on the mortgages made under the CRA. Whatever those rates might be, they were not sufficient to cause a worldwide financial crisis. Once these standards were relaxed--particularly allowing loan-to-value ratios higher than the 80 percent that had previously been the norm--they spread rapidly to the prime market and to subprime markets where loans were made by lenders other than insured banks.
Youth unemployment is three times the overall unemployment rate, and for minority youth it is much, much higher. Let us not make the problem worse by enacting a minimum wage which denies young people jobs.
Unfortunately, living wage laws may have an unintended consequence of causing low-wage workers to be replaced by higher skilled, more educated workers. Living wage ordinances hit hardest at new entrants to the labor force.
