Engine Failure Today

Most of the pilots in the area I fly (myself included) will do whatever they can not to declare an emergency, because nobody wants to deal with the FAA. As a military pilot you have a pretty f'ing huge organization backing you up. If you're just another worthless GA pilot you're kinda all alone. I've never had to deal extensively with the FAA, but when you are young and impressionable and all these old timers are telling you horror stories it makes you want to do everything you can not to deal with it.
For me personally, it comes down to a fear of lawyers.
 
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