Right before the 20's started World War I happened, so many of the young men of the world were apart of that war and saw horrific things. So after the war they wanted to forget so they had as much fun and parties as they could.
I think the lady in the sky who seems to be an angel or woman of significance is looking over and guiding the town under here. I think this because she appears to be calm and a emphasized character ( her glowing and white appearance means she important )
