Should I believe that?
(And is this another way of say "This time is different"?)
Is it actually possible for people not to believe anything, in our society or any society?
> In other words, if the majority of people believe there is a bubble, there is not, by definition, a bubble.
Does this go beyond first-order consequences? Is it also true that the more people utilize the rationale to convince themselves that talk of/paranoia regarding a bubble is a sign of no bubble, the more likely there can be a bubble?
Also, there seems to be the assumption that when people realize there's a bubble, they'll immediately engage in attenuating behavior. I think there's evidence to the contrary -- that as long as people can see a way to continue to profit from it (say, a critical mass of people believing everyone else is the greater fool), a bubble can continue while being widely acknowledged.
