TANTA TOLD US ABOUT PEOPLE LIKE GEORGE WILL

Tanta at Calculated Risk told us that some half-wits would rail about the sanctity of contracts being violated by the sub-prime bailout plan:

A lot of people are very worked up over the idea that the New Hope Plan is, in essence, the government mandating a kind of reneging on private contracts (the PSAs or Pooling and Servicing Agreements that govern how securitized loans are handled). I personally think you can all stand down on that one. From what I have seen about the plan to date, it is clear to me that it is in fact structured with the overarching goal of making sure that it stays on the allowable side of the existing contracts.

Sure enough, George F. Will is whining about something that doesn't exist:

The costs of this entitlement will include new ambiguities in the concepts of contracts and private property.