What a great time to pick up this little book! And re-read it if you have read it before. The subprime mess is a textbook example for the basic illustration in this book. We are all comfortable in the way things are. We do not want things to change. We do not want to learn new things. We are not at all interested in new cheese.
What Johnson illustrates in his book "Who Moved My Cheese?" is characterized by mice in a maze who every day travel the same path, to the same cheese, eat their fill and go back home. The next day is the same as the last. UNTIL....the cheese is no longer in its customary spot. Some complain that the cheese is not there but are confident that if they wait in the customary spot, the cheese will return, and life will go on as it always has. But day after day, there is no cheese in the customary spot. One decides to stay because it would be foolish to leave when the cheese will return at any moment. One decides to venture out to see if maybe the cheese got moved.
Eventually, the adventurer finds new cheese in a new location that was just as good, no...even better than the old cheese. The adventure returns to tell the one who remained at the old station about the great news, but is met with disbelief. No amount of convincing will cause that individual to seek out new cheese. Sound familiar? If all of your previous experience is with subprime, then you need to try some new cheese. Waiting around for the old cheese to re-appear is not prudent, and many will starve by doing so. Does this mean there will be no subprime? Not at all--just not as much of it or in the same form. Don't sit around wondering "Who Moved My Cheese?"