We are like passengers on the Titanic ten minutes after its fatal encounter with the iceberg: we can't believe this grand ship could sink, so we do nothing while it is still possible to influence our fate.Were the doomed passengers gripped by loss aversion?
Are we?
Charles Hugh Smith is a gob$hite. More like they didn't realise there was a big hole in the side of the ship letting in tons of water - they thought it was only a little one and it was contained by flood compartments.
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