It seems to me that this should have been avoidable - along with others like airlines and cruise lines saying they're going to go bankrupt. Why is hitting "pause" for half a year such a death sentence? As an individual, while I don't have a lot of money and my income is 0 currently, I've reduced expenses and could live off my savings for the next couple years. Why can't businesses do a similar thing -- is there some competitive advantage, in better times, that motivates businesses to keep almost nothing in reserves?
It seems to me that this should have been avoidable - along with others like airlines and cruise lines saying they're going to go bankrupt. Why is hitting "pause" for half a year such a death sentence? As an individual, while I don't have a lot of money and my income is 0 currently, I've reduced expenses and could live off my savings for the next couple years. Why can't businesses do a similar thing -- is there some competitive advantage, in better times, that motivates businesses to keep almost nothing in reserves?