This is gonna sound crank-y but Freddie has backed into a classic Austrian Economics truth - easy money causes a huge amount of speculative activity. Because credit is so cheap, people invest in terrible, shitty ideas like a national chain of stores where you can eat cereal in your pjs like a six foot tall toddler, or bespoke ice cream made just for you in an incredibly expensive brick and mortar setting.
And since it's been so easy to get credit, everyone tries to create something with exponential growth/immediate scale and debt finance their way there, because it's cheap to borrow and if you make infinite money in the future it's basically free to borrow.
It's called "malinvestment" and I think it's the root of a lot of the sense that nothing matters and the economy is fake - from the bottom end of the labor pool to the upper middle, people are hustling like crazy to give some bank/funder a moonshot with no real potential for individual advancement. We want everything to grow like cancer and enthusiastically throw armies of 20 year olds into entry level shitty jobs in pursuit of getting the cancer to metastisize faster.