Bankruptcy

Charlie Rose gave a very very good interview:

http://www.charlierose.com/view/interview/9498


His point partway is: America, and in fact the whole world, ALREADY has a very very good and very very established way to deal with an individual or corporation that has debts that it simply cannot afford to handle. It's called BANKRUPTY.

People panic when they hear the word. But in actual fact, bankruptcy is not "death". Bankruptcy in fact is the beginning of the entire healing process. It stops the bleeding.
Of course bankruptcy also comes with some pretty stiff penalties attached, but it also has benefits. And very often, the benefits actually outweigh these penalties.