The 70s were definitely a transitional period into open liberalism. Yeah, I know, it actually began in the 60s, but liberalism really didn't manifest itself till the 70s, with the open sex & drugs & whatnot. It was a pretty heady time, though, as you said, pretty awful.
I disagree, though, about the culture. Most of the movies & music were quite good. Even though -- in retrospect -- they were left-leaning, they had a certain intelligence & integrity. Compared to the garbage in the theaters now, they make me absolutely nostalgic.