Given the past decades of low interest rates, it seemed like the most lucrative way to make money was to buy an asset at low price and then sell it at high price. Homes, stocks, artwork, or whatever; buy low, hold it and then sell. This was more lucrative than having a job.
Ironically, low interest rates were designed to keep employment up, but, instead, it mostly made a mockery out of working for a living.
This was especially true when the money flooded into the private sector. As for government spending, that was better, but still problematic.
Yes, I am kind of a leftist. I think that if cheap money is printed and given to the government, it could, at least, be directed to needed things, such as infrastructure improvement. The money could do needed work on it's way into the economy. After that, the extra money would create inflation in the general economy, but at least it would go into things like infrastructure on the first turnover of the dollars.
Dumping that money directly into the private sector just sped it to inflation faster as cheap bank loans fueled asset bubbles; such as existing housing.
The private sector could do more to create things we need, such as new housing, but environmental restrictions make that a much harder task. If new construction can't happen, the money just goes to inflating existing things.
Now, interest rates are going up so the situation is changing again. My comment is more about the decades that are just past.
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