While currently impossible, there is some questions as to if this might be somehow possible using the OP_EVAL codes that are enabled in testnet. So.....not entirely crazy.
In fact I think someone injected a virus scanner test signature to see if this would auto-gobble-up the blockchain.
As far as I know, there are no plans for OP_EVAL on the main chain. The idea was discarded long ago in favor of other approaches to the desired functionality, partly because of the very issues you mention.
I can't even find any references to OP_EVAL from this year. And it's not on the wiki or any other current list of Bitcoin opcodes.
Is this not correct?