Crandall Testifies Before Senate Commerce Committe

[Bob Owens]

Easy bankruptcies exist in the US for both individuals and corporations because growing the economy requires risk. People and companies will start behaving much more rationally if they know that mistakes could cost them everything they have - exactly what bankruptcy means in many countries and has meant for centuries. Unfortunately, the US economy is far too fragile to NOT have people taking risks. And as long as private companies provide the funding for that risk, the government is not likely to stop the process.

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Well doesnt c-11 essentially reduce risk? Doesnt it encourage recklessness as opposed to risk?

Risk is supposed to be just that, you mismanage the business and you lose it.