The Bible doesn't say slavery is ok. It simply acknowledges slavery and how one should treat slaves (with dignity). In the year of Jubilee (every seven years), people were commanded to release their slaves. If the slaves enjoyed working for a particular person, they could ask to stay and they would be servants for life.
... hence the typical seven year term of indenture for indentured servants during the colonial era in North America,
Not exactly a righteous stand against the sin of slavery. But Paul's frame of reference should be taken into account. He was of the faith expectation, as have every generation of believers, that Christ would return and the rapture would ensue, post haste, in his lifetime. Paul, thus, did not see himself as a social critic, but rather, as an evangelist preparing both slaves and masters for the imminant return of Christ. . now back to Terry and Phil. . sorry!