"I doubt anyone can pinpoint the exact reason for the transformation."

I believe I can very much pin-point it. It was the creation of the Federal Reserve.

What we are seeing now is the final stage where everyone with a bit of brains realizes that the way to make money is to attach oneself as closely as possible to the great gushing fiat spigots emerging from the FIRE and government sectors, and malinvestment sits rudely triumphant on the wreck of america's productive economy.