I reallly have no argument on much of what you have said, except an academic one. Which is, at any point in time one's ten year expected return must match one's expected cash flow. If my distribution rate is 4%, and my return is 3%, I have a distribution mismatch.
Corporations do drive value thru profits, however much of the growth in earnings of late is manufactured, and not in the way of products. I do believe businesses are cyclical. In the 2000-2003, and 2008-2010 government regulation and the spirit of the times led to periods of more conservative business management practices. in the build-up to the tech and housing bubbles an "anything goes" attitude prevailed. I see many of the same practices today in creative accounting, stock buybacks, mergers, acquisitions, really almost anything to extract value from companies.
Most posters here assume the next five years will be like the last five years. I disagree, I think the next ten years will be more like the last fifteen years.