Does the Bible Support Slavery?

Why does the Bible so chillingly seem to support slavery with verses like our passage of study today?
1 Timothy 6:1-2 (ESV)
1 Let all who are under a yoke as bondservants regard their own masters as worthy of all honor, so that the name of God and the teaching may not be reviled. 2 Those who have believing masters must not be disrespectful on the ground that they are brothers; rather they must serve all the better since those who benefit by their good service are believers and beloved. Teach and urge these things."