“I don’t know the key to success, but the key to failure is trying to please everyone.” That’s pretty good advice from entertainer Bill Cosby who also just happens to hold a PhD in education.
Right now, Congress is trying to please everybody and, since October of last year, has been bailing out businesses when, in fact, the public might have been better served by allowing the laws of bankruptcy to permit the changes necessary to learn from failure.
Every year thousands of new business ventures end in failure. The philosophers of capitalism call it “creative destruction” because, for every failure there is a learning curve that leads to eventual success for those willing to evaluate what went wrong, change habits of management that led to failure, and avoid the previous mistakes.
If Thomas Edison had allowed the countless failures that preceded the invention of the incandescent light bulb, millions might still be using candles. It is instructive, therefore, that Congress has banned the future sale of this great invention in favor of fluorescent bulbs. Never mind the specious reason given, why is Congress interfering in the marketplace? The answer is because it can.