I always pick 2000 because most economic indicators point to that year as being the peak of America. Labor participation was at an all time high, wages were good, house prices were reasonable. It seemed like we had such a bright future ahead of us. Here we are, a decade and a half later, and we seem to be declining.
Here's how Americans feel about the situation:
There was a time when 1 man could feed a family of 6. Today, people with two incomes struggle with just 1 kid. Millennials live with parents at age 30. Everything has been financialized. Companies like IBM spend more money buying back stock than they spend on capital investment. Offshoring jobs is a national sport. Some parts of the economy have too much regulation, and other parts don't have enough regulation (high frequency trading). The stock market was once a great social program where commoners would buy shares of companies to get a part of the profits. Today, people just see it as some kind of casino. People are honestly shocked that Valeant's stock crashed. It's a company trading at 55x earnings, pays no dividend, and about 90% of its cash comes from financing rather than operations.
That is what financialization looks like. People didn't buy it to own part of a business. People were buying on it because they thought they could flip it. We live in a country where nobody wants to produce anything and make an honest profit.
This even came up recently in an ATOT thread about investing. I threw out the most basic idea imaginable - buy companies that pay dividends because that's a whole point of owning a business. The very next post said my opinion was wrong, and the correct approach was to flip stock because the taxes are somehow lower. What the hell. Is that really how Americans feel about business? I can't even say it's wrong. Wasn't Snapchat purchased for about $1B? The company had no profits from producing or selling anything, but there was a lot of money to be made from selling the company to a greater fool. Basing our entire economy on credit expansion has twisted the way Americans view business and investment.