So there's this term called "Moral Risk". It means if there's no consequence for one's financial actions, then a person is likely going to do it over and over

So there's this term called "Moral Risk". It means if there's no consequence for one's financial actions, then a person is likely going to do it over and over again. Bankruptcy is one form of this. Corporate and bank bailouts are another form. I'm not going to go into the politics and history like debtor's prisons, but to be honest, bankruptcy is not a cakewalk either.