Let me tell you what's going on with this economy

So from my understanding the leading banks in the United States were getting so arrogant during the big real estate boom a couple years back. They actually thought that the outrageous housing prices were going to keep getting higher and higher so what these "invinsible" banks decided to do was give morgages, 200,000-a couple million dollar loans on houses, to people who did not meet the usual standards thus being called "sub-prime" borrowers which led to the sub-prime morgage debacle so often heard. So these people got these morgages but really had a cold day in hell of actually paying them off. And if that wasn't enough these banks like Merrill Lynch and Citigrop bundled up these morgages together which made securities - called morgage backed securities and sold them overseas, just to see if they could fool even more people. Yes people in China and Japan, thinking American banks knew what they were doing bought these in mass bulk. They just bought so much of it that they were now in it as much as we were.

So just a recap- our wonderful banks of the USA not only gave crazy ass loans to many many people who did not meet regulated standards to pay back their loan on their morgages but THEN the banks bundled these morgages up and thought "hey, who else can i screw" and sold them overseas to investment banks. By doing this they got the whole world involved, and boy did it have repurcussions.

What I am trying to figure out is WHO GOT AWAY WITH BEING SO DUMB FOR SO LONG. Helllo aren't these like the smartest people in the worlddd. Hmm lets sell sub-prime morgage backed securities overseas that probably would not get paid back by the red necks who thought they could pay off their morgages and lets just sell them to EVERYONEE so that the global economy can just crash sometime. Luckily they have stopped their idiot ways but only to see ourselves flirt with a recession so that oil prices skyrocket and normal consumer goods cost more then i feel comfortable spending on. So now i feel guilty going out to eat or even buying a really cute dress that i probably don't need but woudln't feel so guilty about because of those damn banks who lent to people who had little hope of ever paying off their morgages.
That's what you get for not beliving in what goes up must come down. Duh. If the housing marketing just kept going up and up and the economy was just excellent and SORING and dandy then everything would have been dandy and well I think most of us have lived long enough to realize that dandy and perfect is just not the order of the natural world and things do NOT stay perfect forever. So let's hope we can dig ourselves out of this one. I mean those 'stimulus packages' our grand ole president sent out sure as HELL has not made one damn difference. I mean $500 dollars, and they expect us to buy stuff with that. Hell no, i have so much debt that i have to shove that into payments which is exactly what this stimulus package DOES NOT want us to do, but most of us have to becuase we HAVE NO CHOICE BECAUSE TEH BANKS SCREWED THE COUNTRY UP and now we are going to have a new president McCain or Obama who hardly know anything about the economy.
UGH. God can you hear us?