1. reimbursements were much higher in real dollar terms

Perhaps, but patient access was limited even without managed care initially. It took me 3 years just to get hospital privileges and only for a limited number of procedures. Forget MD referrals back then and any ER access. Today even with managed care our grads rarely have to fight for hospital access. Most of my resident graduates have have access to ER patients and the PR from all of those who fought so that a "newbie" doesn't have to fight just for the right to admit patients let alone surgery. In addition, some of my reimbursements were higher but my student loans were at 12 -17%. My business loan at 10 or 11%. Every thing is relative

2. the number of pods was much lower than now even in large metro areas

Metro areas have always been and will remain crowded for all medical specialties. Fotunately population growth continues in many of these cities. However as access to the hospitals increases so does access to patients. Let's not forget that everyone doesn't want to be in a metroplex. Our town has an over supply of orthopods and some are struggling(really). Yet 1 hour away they can't find any to take ER call.

3. and most importantly, if you failed at your practice, YOU COULD DISCHARGE YOUR STUDENT LOANS WITH A BANKRUPTCY.

I don't know what you are talking about. Mt loans could not have been discharged by bankruptcy. Checkout the facts. But anyway I did not plan on filing bankruptcy and had attitute that I would do whatever it takes to make it within ethical boundries. I worked unusual hours, covered other's offices, did hospital consults at several hospitals, and marketed myself. I read books on marketing and asked for advice from others who had made it. I stayed current and reviewed my medical notes so that when Boards came around I wouldn't be starting cold. I visited with my one employee to improve office efficiency so when thing s got busier we would be ready. The first years were my investment years and if slow didn't sit around but asked "what can I do to make this work?"
I visited MDs,DOs, DCs. Lectured to nurses,the PTA, seniors groups whomever would listen. It paid off.

4. So, I implore you to admit that the risks to a newbie now are signficantly higher than they were back then. I have had 3 of my friends go under already and of course they still have their student loans.
This is a very different game now and I just want to make sure that everyone knows the rules.

How arrogant! Risks are risks. Every generation has them. Different but just as important. In my class, less than 50% received a residency of anytype. Today all grads receive one. Hospital access was nonexistant in the majority of areas, today the opposite holds true. Job openings, there were none. You had open cold or buy a practice( I had to get an SBA loan since I had no assets). Today my grads have multiple offers even in the scary metroplexes. We have had several recent grads hired by ortho practices and some by multidisciplinary groups for full scope. We couldn't even get them to talk to us. Residency salaries for the 50% who got one were pitiful. I received 500/month/no benefits and couldn't qualify for a credit card. If I didn't eat at the hospital I would have starved. My car broke down and I was forced to hitchhike until I could save enough to have it fixed. Mine get $30,000 and benefits out the wazoo.

Look I didn't and I am not now complaining. All of the above stesses built character. And to be honest my residents have the character and work ethic that they ,as their alumni, will make it.