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I'm kind of shocked at how casually you say 'They can default on their debt'. What a fcked up attitude.
by eli_s 16y ago
I'm kind of shocked at how casually you say 'They can default on their debt'. What a fcked up attitude.
- necrecious 16y agoI thought one of the biggest advantage of US financial system is for people to take risks with their business but can fail without a huge hit on their future, i.e. bankruptcy. Without this attitude, you'll have people that is a lot more hesitant to start a business.
- _delirium 16y agoYeah, there's been some research on this, showing a positive relationship between how "forgiving" a country's personal bankruptcy laws are and the level of entrepreneurship in that country: http://aler.oxfordjournals.org/cgi/content/abstract/ahn008v1 http://aler.oxfordjournals.org/cgi/content/abstract/ahn008v1
- arvinjoar 16y agoTaking undue risks is not a good thing. The greatest thing about a makret economy is that there is both profit and loss. Loss is to keep you from producing things no-one really wants, and is important. Without any risk, sure, people could do creative things they wouldn't have odne otherwise, sure. But you would soon see that the value produced in a society like that would be very small compared to a society where you have to turn a profit.
- roel_v 16y agoWrong, because most of the debt at the age we're talking about are student loans which are non-dischargeable.
- qq66 16y agoThere's no shame in defaulting on your debt because you tried to create a new economically productive company and failed. That's what bankruptcy is best used for. It's not like leasing a BMW.