Cry Wolf Quotes
The increased cost of labor is folded into a bid for a state contract that is then passed on to the state government (which is funded by taxpayers).
The CRA has created opportunities for rent seeking and financial and logistical burdens for all lenders. The Act forces lenders to spend money, time, and resources on documentation, PR, and other compliance costs.
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.
Any way you slice it, increasing the minimum wage in Michigan… is likely to make it more difficult for the working poor to find jobs. …those who most need the work will have a harder time finding it.