OT: Razorbacks coach John L. Smith declaring bankruptcy

He is clearly not eligible for a Chapter 7 so his liabilities will not be wiped out.  What are you supposed to do if you bought a shit load of real estate 10 years ago, because at the time it seemed like a good investment before all hell broke loose.  He'll have the debt restructured and have huge payments for 3-5 years.

More money = bigger investments. It's just as easy to go bankrupt on big real estate deals as it is on small ones. Clearly didn't make great investments, but that doesn't make him a bad person or anything.

I'll tell you something my former chief of staff once told me when I first got out of med school:

"Being a Dr. doesn't mean you'll be rich, you'll just be broke at a whole different level".

I thought initially that he was full of shit, but soon realized he was right. People find ways to push their standard of living to the limits of their financial means. Instead of buying a 20,000.00 car that most average families buy, you find yourself buying an 80,000.00 car. Instead of buying a nice second hand boat for pleasure cruising, you buy yourself a 70,000.00 yacht. Instead of the 200,000.00 house, you buy an 800,000.00 house. 

The bottom line is most people find ways to spend the money they make and most barely live within their means. Some unfortunate people don't find that balance and overextend themselves and it shouldn't matter who they are or how much money they have made, they deserve sympathy IMHE, especially in the state the world finds itself today. 

I don't care if the person is my worst enemy, I wouldn't wish financial turmoil or the loss of a job on anyone because who knows how many family members (who I don't have issues with) are dependant on them. 

I feel bad for the guy regardless how much money he has made in his past. Being bankrupt just isn't something to be joked about IMHE.

...and it would be funny really these are the opening words of Smith's speech at their fall practice, however...

"''There's a large differentiation for me between what we had just gone through and someone who had made a bad financial decision and put himself in a financial difficulty. But at the same there, there was nothing inappropriate other than he had engaged in a risky financial deal.''

Yes, there is a difference, but in a sense Long has fired a distraction and hired someone who has distractions at the same time. I would think that this would certainly loom large in Smith's mind and potentially cause him to be not 100% in the game sometimes, but then, Smith seems to imply that it won't affect him, and as it has been made fairly clear that Smith probably isn't the long-term solution at Arkansas, I suppose they can run with this. 

I am not saying his life is like others, but the financial pain he is suffering is very similar to other people.  And while numerous people have filed for bakruptcy protection because of lost jobs, medical costs, and other factors beyond their control, there were a significant number who were over-extended (like JLS), though likely not to that scale.