Many bankruptcies in traditional industries are caused by the burden of vanity. In past high-profit industries like construction contracting, connections, reputation, and loyalty were the main ties, and face was the most important.

But when the economy slows down and the industry cools off, those who can't let go of their face will get lost in flattery, unable to reduce or even increasing their spending, and may even maintain it with high leverage, ultimately leading to bankruptcy.

If a person cares too much about "face," the "substance" is prone to problems.