This nation was founded on the principle of wealth creation. As
a young Henry Clay said in the House of Representatives in 1812,
“It [wealth creation] is a passion as unconquerable as any with which
nature has endowed us. You may attempt to regulate — you cannot
destroy it.” That is supposed to be the federal government’s primary objective.
It is supposed to promote the creation of an environment conducive
to the creation of wealth — not job creation, not bailouts, not subsidies,
not expansion of the federal bureaucracy, and not providing lifetime
support to those who choose not to take advantage of the innumerable
opportunities that exist in this nation for them to create a better,
more productive life for themselves.

People do business with people, and it’s essential that entrepreneurs understand this going into any venture.

Bankruptcy cleans out the system. What’s wrong with that? South
Korea went through this in the late 1990s. They didn’t have anyone
to bail them out, and they had to go through the pain. Sweden did
it in the early 1990s. Mexico did it. Russia did it. The list goes on
and on. Competent people take over the assets from incompetent
people and rebuild from a solid base. Business has always been survival
of the fittest and Darwinism at its best. After all, this is what capitalism
is all about.