Wall Street on the Tundra

The problems with Iceland's growing debt seem to stem from similar problems that the U.S. is facing. This article gives an inside look at how the banking system and overspeculation ruined the financial outlook on the small country. I had not been aware of just how bad it was in the country, but with the three largest banks collapsing, I can see why there is really a significant problem facing Iceland. It appears that banks got greedy and gave out loans for real estate and the stock market, but people weren't able to pay it back once the market collapsed from its all time high in the 2000s. Fortunately for our country, we don't have to worry about total breakdown, but we would be best served to take the necessary lessons from this situation and others and utilize them effectively so that we can avoid another extraordinary recession period in the future.