PUNISHED FOR DOING THE RIGHT THING. At least some of the public is reacting to the various economic stimulus plans that way.

Via Instapundit, with commentary and links.

Wizbang elaborates.

I believe that most people would support a program that helps people who are in foreclosure because of unforeseen circumstances -- layoffs, disability, death, or blatant fraud and misrepresentation by a crooked mortgage agent. But the rest of us who honestly obtained a mortgage that we could afford and who have worked to make those payments in full and on time are more than a little peeved at the thought of the government bailing out everyone in foreclosure with our tax dollars, especially those who deliberately tried to game the system and knowingly bought a house they could not afford, or lied about their finances in order to buy a home. And renters should be especially incensed.

At CNBC, Larry Kudlow continues in a similar vein.

Team Obama is rewarding bad behavior. It is enlarging moral hazard. It is expanding its welfarist approach to economic policy. And with a huge expansion of government-owned zombie lenders Fannie Mae and Freddie Mac, Team Obama is taking a giant step toward nationalizing the mortgage market.

A CNBC reporter's impromptu "I'm mad as hell" moment on the floor of the Chicago Mercantile Exchange captures the spirit of the moment. I must note, however, that the trading houses are not blameless in the moment, as their creation of ever-more-convoluted hedges and speculations has rendered the reckoning more difficult.

But by investing in failure, the Administration will also prolong the housing downturn and make financing a home purchase more difficult for future borrowers. Meanwhile, the plan isn't likely to slow the continuing decline in housing prices.

Let's focus on the plan's effect on the individual borrower. Anyone with mortgages owned or guaranteed by Fannie Mae and Freddie Mac will be able to refinance to lower rates if his mortgage is between 80% and 105% of the value of the home. This is a sweet deal that is not available, for example, to many renters looking to buy homes now. Sadly for those who deferred the gratification of homeownership, the 20% down payment has now become industry standard. But at least their taxes will allow other people to stay in homes they can't afford.

David Brooks recognizes the problems, but suggests they are necessary evils under the circumstances.

Personally, I hate the idea of 10 guys sitting around in the White House trying to redesign huge swaths of the U.S. economy on legal pads.

But at least they seem to be driven by a spirit of moderation and restraint. They seem to be trying to keep as many market structures in place as possible so things can return to normal relatively smoothly.

And they seem to understand the big thing. The nation’s economy is not just the sum of its individuals. It is an interwoven context that we all share. To stabilize that communal landscape, sometimes you have to shower money upon those who have been foolish or self-indulgent. The greedy idiots may be greedy idiots, but they are our countrymen. And at some level, we’re all in this together. If their lives don’t stabilize, then our lives don’t stabilize.

The challenge, however, is to change conditions such that future feckless people will not repeat the fecklessness of the immediate past in expectation of yet another bailout.

The Obama administration's restraint and moderation, if that's what it is, will not impress the libertarian parts of the polity. It will not, however, be a National Review reader or a dittohead that emerges as Caiaphas calling for the crucifixion of a false messiah: Who Will Be There for Obusha When the Floor Drops Out?

Does he think it will be progressives? Well, I can only speak for myself, but one month in and I’m already feeling burned by this guy. If he continues to cater to the predatory rich in this country, leaving the rest of us holding the bag, and if he continues to shred the Constitution as if he were George Bush’s kid brother, and if he is nearly as militaristic as the Strangeloves he just ejected from office, then I really won’t care a bit if he gets smashed halfway through his first term. In fact, I might even be happy to see it happen.

It's impossible to become disillusioned if one has no illusions in the first place.