People also pay for unemployment insurance and the other things you mention through taxation. The moral hazard you are deftly sidestepping is the fact that bon

People also pay for unemployment insurance and the other things you mention through taxation. The moral hazard you are deftly sidestepping is the fact that bonds/loans do not operate the same way for an individual with collateralized debt vs. a large corporation. And thus, a large corporation can - and does, occasionally - act in accordance with those incentives by assuming bailouts are coming after a black swan event.