"... without people taking some risk and going into debt, we are in a depression."

If only I had some testes, I would have kept the old house when buying the new one. I was afraid the real estate market would burst its bubble (LOL, both house have doubled in value in the 3 years since) and leave me upside down in two houses. Stupid, stupid, stupid.
I don't begrudge anything to those who roll the dice and win. I do think bankruptcy laws are too kind to debtors, though.
As a teacher I have the enjoyable experience (over and over again) of witnessing the disbelief on kids' faces when they learn about the bizarre things we adults have come to accept as "right".

Regarding bankruptcy laws, "You mean you can just go out and buy a bunch of stuff, declare bankruptcy and then you don't ever have to pay the money back?"
Regarding abortion, especially partial birth abortions, "They do that?!!!!"
Regarding alcoholics and drug addicts who collect Social Security due to their "disabilities", "Huh? What? No way!"
Affirmative action, estate taxes, and a bunch of other stuff that I can't think of right now.

I guess you have to go to college or read the Times to learn why all this stuff is actually OK.