All this "P-bass, boost your mids, cut lows and set highs at 11 o'clock" -nonsense should have died by late-80´s, latest. It has no real value, because the matter is way more complicated.
Except there are guys like Mike Dirnt, Mark Hoppus and dozens of others who have made millions doing exactly that way more recently than the late 80s. Those settings are the sound of most modern rock, punk and pop/punk.
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