Will on Subprime Crisis

Here's a quote from George Will on the subprime crisis that I find particularly salient:

Perhaps Washington's intervention in the subprime problem reveals the tiny tip of an enormous new entitlement: People who voluntarily run a risk, betting that they will escape unscathed, are entitled to government-organized amelioration when they lose their bets. The costs of this entitlement will include new ambiguities in the concepts of contracts and private property.

I like the analogy of an ARM to a bet, because that's basically what it is.