In your world, what constitutes an insecure password?

I know of two schools of thought about password security. I use LastPass generated passwords like 95Gd33#tWzM6 that are supposedly secure. Others say that a password like "This is my new password for my bank account and nobody will ever figure it out!" is actually more secure against a brute-force attack, with (counting upper/lower case, numbers, and special characters) something like 72 to the 79th power possible solutions. (79 characters, each with 72 possibilities).

I imagine you have been giving considerable thought to password security lately, what are your thoughts on this?

tanstaafl.