A rational person would stop stealing after the 2nd strike. It's wise to remove harmful and irrational people from society. Justice would demand that we expand the law to include white-collar crimes.
What about someone who has a bout of rebellious irrational behaviour when they were 18? Everyone does stupid stuff when they are 18 that they wouldn't dream of doing when they are older. Rather than assuming they are a right off from society and that everyone is better with out them, spend some of the 25+ years worth of prison money on educating them why what they did was stupid.
Isn't that what the first two strikes do? They went to prison once. They still indulged in criminal behaviour. They went to prison twice. They were told that if you do this again you will spend the rest of your life in prison, and they STILL committed a crime. Obviously trying to tell them that what did they is wrong is not working. We threatened them with a fucking lifetime in jail, and that still did nothing to stop them committing crimes? I think we can write them off at that point.