This antiquated idea has killed many more people than it would have saved in this case. Read about CRM:
http://en.wikipedia.org/wiki/Crew_resource_management
I think a classic example is:
http://en.wikipedia.org/wiki/Avianca_Flight_52
The plane crashed because it burned all of its fuel in a holding pattern waiting to land in JFK. When the flight engineer noticed this, he was afraid to tell air traffic control, who he believed was "higher up" than he was (and he therefore had no right to question their decision). The result was 65 dead people.
There are several cases where a lower-ranking person has noticed something that the captain has not. And when they didn't do anything about it, people died.