What about those bad ass-et banks?

I don’t know about you, but I’m getting pretty tired of hearing about bad ass-et banks. I thought the original idea was that banks offered us a small income if we kept our savings with them instead of in our mattress, then lent our money at a higher rate to people who needed it for business or buying houses. The bank would be very careful about who they lent that money to because it was, after all, OUR money and eventually they had to pay us back.

Then those bad ass-ets went and loaned money to people who purchased houses at unrealistic prices they could not afford. Why? Because all the other Lemmings were also doing it. These bad mortgages were so attractive that securities firms came up with new products to sell based on those bad mortgages. They protected themselves with insurance offered by AIG, which forgot to run these investments by their underwriters.

So here we are today, the people who thought our money was being managed by professional bankers, not riverboat gamblers, ponying up our grandchildren’s future to bail them out and save our entire monetary system. I don’t know about you, but I am feeling a distinct pain in the ass-et right now.