In The News, Iceland Teeters on Bankruptcy

I am not a fan of the doom and gloom mentality, but todays news just seems beyond what I could have imagined. It seems pretty doom and gloom to me. Just 2 hours ago on Forbes the story was " Iceland Teeters on Bankruptcy". Why ? Its in the first sentence of the article "Iceland is getting closer to becoming the first nation to go bankrupt as a result of the subprime mortgage crisis and resulting squeeze on lending."
Oprah today was on ways to save money and stop living with the mentality that we have to have, we deserve to have whatever we want, even if its not affordable to us.
Texas seems a bit insulated from many of the hardships associated with the present state of economic affairs of this country. We have oil and gas...it makes money and jobs. But other areas of the nation and of the world are being hard hit. Many would do well to work on changing our habits and our mind set.