From Patrick.net via MyMoneyBlog:

Lawmakers in Washington are near final agreement on a proposed $400 billion bailout of SUV buyers. The massive amount of debt taken on by drivers in an attempt to ensure that their vehicles are significantly bigger than their neighbors’ vehicles has resulted in millions teetering on the brink of bankruptcy. “We need to keep these people in their Hummers, at whatever cost to taxpayers” said Treasury Secretary Henry Paulson. Paulson is expected to announce details of the plan as soon as Wednesday, said sources familiar with the matter.

With more than 2 million drivers facing higher interest costs and the possible loss of their oil-company-friendly vehicles if they cannot meet the payments, the future of US overconsumption is at stake. The White House on Friday said it was appropriate to build a “bulwark” against the SUV sector’s woes. “After all”, said President Bush, “it would not be American for us to live within our means and be responsible for our own financial decisions. Those who failed to spend themselves deeply into debt should pick up the tab to keep real Americans riding high.”

This is no different than the various proposed mortgage bailouts. Politicians are trying to legislate away the ability for people to engage in risky behavior and lose money at it (note: except when it’s with the government-sponsored lottery).

Build your house on the beach in a hurricane zone and, shockingly, a hurricane hits but your insurance doesn’t cover hurricanes? We’ll bail you out.

Build your house in an area prone to massive wildfires and, shockingly, a wildfire burns your house down but your insurance doesn’t cover wildfires? We’ll bail you out.

Buy a house you can’t afford with a stupid interest-only/adjustable rate/balloon payment/reverse amortization mortgage that all but guarantees foreclosure within a few years unless the overheated housing market continues its gravity-defying appreciation? We’ll bail you out.

And the bailout will be paid for on the backs of people who made good long-term decisions to buy a house within their means on a fixed rate (or a limited adjustment ARM).

We punish wisdom and reward folly. And when you reward something, you get more of it.

Update: George Will agrees that the mortgage bailout is a bad idea.