Blind defense against two maniacs

[Bluffoon]

How do you guys adjust in the blinds if you have two maniacs to your right and they are frequently raising and reraising each other, often with hands that do not justify the action?

My reaction was to tighten up but I got killed from the blinds. Is this correct? Defend as if there is only a single raise? How significant does the threat of a cap have to be to change your strategy? Are small pairs playable in that spot? You are not getting the odds you normally need to enter the pot but you have a good chance to make it up postflop if you hit your set. Any other adjustments? Am I totally off?

I made it up elsewhere but I am wondering what is the best way to handle this situation. This was at 5/10 but I assume this a situation you have to deal with regularly at 10/20.