[cturner]

I share your instincts, but need to defend the policies. It's important to have a bankruptcy mechanism. Otherwise it's a back-door mechanism to create slavery. By having a predictable bankruptcy regime, lenders can price in the probability of bankruptcy.

Limited liability is a similar issue. It would be convenient if we didn't have corporations and everybody conducted business as themselves. But the experience has been that the trade-off of limited-liability is worth it. You get more growth in a country with it than one without it.