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0 pointscoldtea12y ago0 comments

>I noticed this rule after the housing crash. If one person was underwater on their mortgage, no one would blink. But, when hundreds of thousands of people become underwater, Congress started to get involved to (attempt to) provide relief.

Considering that hundrends of thousadns still lost their houses, it's not much of a comfort -- or good advice in general.

"Do what everybody else is doing" will at best lead to mediocre results (by definition).

Consider the effect of such an advice to someone in a slum neighborhood where "everybody" is dealing drugs, to get the worst case scenario.

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7 comments · 4 top-level

sopooneo12y ago· 3 in thread

Yes. Something about bridge jumping.

dylangs103012y ago

I hate it when people say this as a response.

If I'm on a bridge, and people are jumping off en masse, then one of two things is happening:

1. They've all been mentally affected, in which case, I almost certainly am too, or;

2. They know something I don't.

It's disingenuous to throw out a contrived example of a herd of people nonsensically jumping off a bridge. If that many people are jumping off a bridge, you probably should too, because they probably know something you don't (yet).

ceejayoz12y ago

There was a great Dilbert that had his mum asking him the "if everyone jumped off a bridge, would you?" question. His response was along the lines of "if they all came back and told me how awesome it was, yes".

1 more reply

noonespecial12y ago

Then again, when everyone else is safe in the water and you're the last one on the bridge when the train comes through, you might feel a bit silly in the moments before your untimely demise.

rayiner12y ago

Yes, doing what everybody else is doing will lead to mediocre results by definition. But it will also minimize social friction (important!) and give you herd protection against certain kinds of downside risk.

There was an article recently that said that startups shouldn't innovate in non-core areas. This is precisely the advice of "do what everyone else is doing" at least for certain things.

epoxyhockey12y ago

Considering that hundreds of thousands still lost their houses

Hundreds of thousands also had portions of their mortgages forgiven. One can also not deny that the Fed is keeping interest rates low, in part, because many home owners have HELOCs or other adjustable rate loans.

I agree with you that "doing what everybody else is doing" is not a free pass to be reckless and is not something to aspire to do.

tedunangst12y ago

If everybody in a neighborhood is dealing marijuana and then you show up and starting dealing heroin, a sudden increase in police activity and interest should not be surprising.

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