I also think piss-poor money management is a factor. People spent and spent and never really saved for a rainy day. Well guess what, don't you wish you invested in umbrellas with all that money now?
I know people who still have to pay themselves ridiculous amounts cause of their mansion they bought years ago, or the cars they buy for themselves and their ladies. I think if some companies had an issue or something that would cost a decent amount - there would be many more that go under for pure reason they had no money saved.
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