The S&P 500 hit 776.76 this morning. Guess what the closing low on October 9, 2002, the low of the previous bear market, was? 776.76.
All the gains from October 9, 2002 through October 9, 2007, the 5 year bull market, are now gone (BeSpoke Chart).
This implies that there has been no real wealth creation in the United States in the last 6 years.
In fact, given inflation, it implies that, on net, wealth has been destroyed in the last 6 years. That is: it was all an illusion, a housing bubble fantasy fueled by cheap money which is ending up being a net destroyer of wealth.