It's as simple as how black people can call each other "nigga" but white people can't. You can make fun of yourself. It's rude to make fun of other people.
Dave Chappelle makes fun of white people on his show just about every week and it doesn't bother me in the slightest. In fact, I usually laugh my ass off.
White people are in a position of power. Mocking people in a position of power by people who are not is reasonable. Mocking people who are not in power isn't.
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And if you feel all mocking is okay, why? Why is it okay to heap more abuse on a group which is already disenfranchised and oppressed?