There are actually a lot of unsettling similarities between now and the late '60s in the US. Very low unemployment, supply shortages, the central bank maintaining stimulus policies well past when they were needed in the prior years, large deficits, and eventually the beginning of high inflation. Essentially, monetary policy had pushed for faster growth and higher employment than is consistent with price stability.
The S&P peaked in November 1968 and then lost a little over 30% of its value by June 1970. It bounced back up to its previous high by mid-1972 but then dropped by almost 50% from late 1972 to late 1974 before slowly recovering and plodding along until the early '80s where it starting rising again. But if you adjust for inflation, it took until 1993 to reach the 1968 peak again.
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