Hope-Despair, a painting by Feroza Unvala

2008 - what a year! As we get ready to draw the curtains on one of the most unsettling economic years in history, we the writers of the Inspired Economist are still wondering… was this year one that has left our battered economy begging for inspiration? Or have the sustainable events of 2008 spearheaded the initiation of what we believe is truly an Inspired Economy?

2008 was about the $700 billion bailout. Foreclosures. The plummeting stock market. As the year came to a close, the nation’s economic turmoil battled with the presidential election. But it was also a time when new businesses were born into what appears to be an unprecedented sustainability boom. When energy, economy and environment have taken on a new and inter-dependent definition.

As we position our economy to take off on this inspiring eve of the Obama generation, let’s reflect on the change that has come into play this year……

The First Quarter

The first quarter of the year saw the idea of social entrepreneuring take flight beyond the borders of America.

Cover of Jeffery Sach’s book Common Wealth

It was also the time when the Center for Resource Solutions launched the Environmental Tracking Network of North America – North America’s first network organization for renewable energy and greenhouse gas emissions tracking systems and registries.

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The beginnings of another new economy are taking shape as Morgan Stanley and Goldman Sachs prepare to close the curtain on investment banking.

Mitsubishi UFJ Financial Group Inc., Japan’s largest bank, will inject 900 billion yen ($8.4 billion) into Morgan Stanley to help it transition to a bank holding company. Goldman Sach’s strategy is slightly different albeit with the same ultimate objective i.e. to become a commercial bank. According to Bloomberg, Goldman already has in excess of $20 billion in customer deposits in two subsidiaries and is creating a new one, GS Bank USA, that will have more than $150 billion of assets, making it one of the 10 largest banks in the U.S.

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