It’s the financial markets meltdown all over again, but this time we can smell it, slip on it and watch the Gulf of Mexico sicken. The two catastrophes have a lot in common. As a nation, we’ve been lulled too far toward  allowing the free market to police itself in high-risk industries. It’s not working very well, is it?

BP CEO Tony Hayward admitted Thursday that the company was unprepared for an accident of this magnitude. In an interview with The Financial Times, he acknowledged that BP “did not have the tools” at hand to stop or contain the spill when it occurred six weeks ago. Of course, BP still doesn’t have the tools.

I’m an entrepreneur and a fan of business, on the whole. It would be splendid if corporations could be relied upon to consistently behave in the best interests of the public. But they don’t. The argument that an unbridled free market is the best option for the economy (let alone the environment) is proving itself hollow. The recent Great Recession and continuing questionable recovery has cost individuals, families, businesses, schools, and state and local governments dearly. We can thank short-term thinking, greed, hubris, and extraordinarily weak regulation of the financial markets for a good deal of what’s ailed us since 2008. Now the largest oil spill in U.S. history highlights the same maladies.

We’re deep drilling when we don’t have either the comprehensive engineering preparedness or the truly at-the-ready remediation tools to prevent destroying our oceans, shores, fisheries, tourism, and more. We are deep drilling with weak safety regulations, some of which were disregarded in any case. Aren’t we any smarter than that?

Leaders – business, government and community – must sear into our brains the truth that next month, next year and the next decade are at least as important as our immediate profits, trades, deadlines, and triumphs.

Change is a pain. C’mon, admit it. Unless you’re one of those hardy, adventurous souls who’s currently stuffing your backpack for a long trip to the Arctic – oh, yes, after quitting your job and kissing your family goodbye, that is. The rest of us, sad to say, prefer the comfort of driving the same route home from work most days. Even if we hate to admit it.

Well, here’s news. Obama and McCain are mouthing the right words. “Change is coming!” Etc. Only thing is, the changes they’re promising probably aren’t the biggest curves ahead. Don’t spend your tax break yet.

No, the changes ahead will be more profound. Our basic confidence in the great economic engine isn’t gone, but it’s shaken. People are actually thinking about (next time) buying homes they can afford (and heat), about the merits of state colleges for their own offspring, about getting a smaller car, wearing a sweater (mittens??) at home this winter, and perhaps even buying less stuff in case times get worse.

The amazing thing? This may be all for the good. In our rush to trash our planet, we in the U.S. have consumed oil and gas, cows and fish, plastic, and ice cream (oops, that’s just me) at a truly alarming rate. What we’re seeing now is LIMITS. Limits that will prod us toward changes we’ve resisted, as a nation, as businesses and as individuals.

As in…

-All that money Wall Street was flashing around? Lots of it was fake, a bubble, a myth. The way it was “made” was something no one really understood, and now much of it is gone – actually GONE.

-Peak oil? How many of us have skimmed the articles and turned the page? Yes, Virginia, we will run out.

-Spending as fast as we earn? Oops. Not so smart.

I don’t think the American way of life is doomed, or that we’ll be living in huts in the dark anytime soon. Instead, I think we’ll need to look at how money, honest money, is actually generated and at how our incredible inventiveness can help us come up with technologies and systems for a more sustainable, perhaps more sensible, world.

It could be fun. Really.

I’ve become convinced that the world is spinning into a new era. We’re not fussing about “sustainability” and the environment for nothing. Our kids will need incredible skills, not just an education, to get the careers they’ll need if they want to live in a house, drive a car and savor the occasional Ben & Jerry’s pint. And we don’t even need to mention oil prices. Or the roller coaster stock market. Or the U.S. mortgage crisis.

But I don’t feel dismal. Not at all. I’m an optimist, so I’m exploring the boundless potential of creative, out-of-the-box thinking to change – well, anything.

My conclusion is this: conventional thinking isn’t going to cut it for long. Not for leaders or intellectuals or business people or parents, or…

May I suggest a great movie about creative thinking and quantum physics? (don’t be scared; if you know less about physics than I do, I’d be amazed): www.whatthebleep.com