which is what makes super "bubbles" so hard to deal with. they are often the source of *all* the activity and can persist for extremely long periods of time basically creating mandatory opt-in systems like credit cards
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the mortgage crisis wasn't a bunch of stupid ppl doing obviously stupid things. it was more like the attitude towards sth like passive index investing a combo of expert recs, cultural movements like FIRE, & crowd following that creates no-think "sure thing" herd momentum
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(cash users basically indirectly subsidize card users as the merchant has to increase prices all around to pay for the card transaction fees. the card users get a "rebate" back through card rewards while cash users don't. to use cash is to slowly bleed)
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at some point you can't even call it a bubble just like you wouldn't call the company you work at a "cult" because by being such a huge part of your life the dynamics change words like "cult" or "bubble" imply that they r sth "bad" to be avoided but it's just not possible
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trying to avoid them just makes u a rebel w/o a cause. like reading the gervais principle too early in ur career and not being able to take performance reviews seriously enough to do well on them
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End of conversation
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