Will the actual financial crisis enable a shift to a more sustainable approach?

The biggest crisis since 1929
The mortgage market meltdown brought us the biggest financial crisis in the US since probably the great depression. The whole financial world is impacted by it. As an example, we can see that the different industries around the financial market has been affected:

• Banks: Washington mutual is closed to file for bankrupcy, City Bank's head has been fired
• Mortgage companies: Countrywide firing tons of people
• Insurances:
• Consulting companies: The infamous Lehman Brothers that filed yesterday for Bankrupcy

Let's not forget that this crisis also has a very deep impact on the job market. A lot of people used to work in the real estate market and the financial industry. Real estate agents, insurance professionals, mortgage specialists, and even some other people like printers or business coaches are running out of work with this conjuncture.

To be totally honest with you, I really don't think it is the end. This is not the beginning, but we haven't seen the end of the tunnel just yet.

Crisis lead to shifts
Most of the time, the biggest crisis lead to a dramatical shift

• . For instance, the big petrol crisis in the mid 70s led French government to  install a nuclear program to get energy autonomy.
•  The second world war is the main responsible of the birth of the UN, in order to promote peace in the world and prohibit potential genocides.
  
• In 1929, the US government established Fanny Mae and Freddy Mac in order to fight against foreclosure, and adopted the New Deal that built the highway system that eased the development of the country within the next few decades.

Will we get a shift after this crisis?

Sustainable development toward us
We have already experienced some changes in people minds with this crisis. Indeed, the high prices of gas led customers to use less and less their cars, and to promote car pooling and public transportation. A French study explains that the consumption of gas has decreased by 12% in August 08 compared to August 07.

But now what's up with the financial market. We can see that the fact financial products are becoming more and more complex led big companies to obtain very risky products, including the infamous "sub prime loans". But will this crisis lead to a dramatical shift in financial markets habits?

Sustainable development companies kept aside of the crisis
Sustainable development companies, or green companies (as you like) are not that much affected by the crisis. Actually, because most of the time you can get fiscal benefits out of it, they are what we call in French "valeurs refuge" (shares that are not impacted by good or bad economical conjuncture). Therefore, they represent a great way out for investors willing to stop the bleeding.

Conclusion
In my opinion, I don't think so. Let's be realistic. First of all, financial markets are highly speculative, and that's one of their first interest. Secondly, it's cyclical. I don't want to talk about "destiny" but the Kontradief and Juglar cycles define well this issue. But however, I think that this crisis will probably lead to the development of a better way to manage business, and probably help the rise of sustainable development companies and models.

I hope so though....