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Lumifer comments on Rationality Quotes September 2011 - Less Wrong
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"No one in this world, so far as I know-and I have searched the record for years, and employed agents to help me-has ever lost money by underestimating the intelligence of the great masses of the plain people." -- H.L.Mencken
I think this is happening with Hollywood, but that would be a longer story.
I'd be interested in hearing the longer story... It seems to me that Hollywood is doing very well with a low estimate of average intelligence.
I think there's a great many apes that under-estimated the intelligence of a tiger or a bear, and haven't contributed to our gene pool. There's also all those wars where underestimations of the intelligence of enemy masses cost someone great deal of money and, at times, their own life.