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House Flipping Profits on Long Island: $40,000

Written by Gary North on July 22, 2013

Greenspan said that he could not see any bubbles. Bernanke said there was no bubble in 2006.  He said housing prices would not fall.

Across America, people were flipping houses. Buy low, sell higher in six months: instant money.

My next door neighbor told me in 2005 that she was thinking of flipping houses.  I knew the end was nigh.

It’s happening on Long Island. But it has ended in San Francisco, where the bubble has popped.

The Federal Reserve pumps $40 billion a month into Fannie/Freddie bonds. Bubble? By no means, says Bubble Ben. It can’t happen. Trust him.

When people with no experience think they can make $40,000 in a couple of months by buying and selling houses, you know the end is nigh.

This will end badly. Bernanke is just trying to hold on long enough to depart in February. He is skipping the Jackson Hole extravaganza next month — the first FED Chairman to skip it in 25 years.

He wants the bubble to keep floating until he gets off. He has a nightmare. This.



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2 thoughts on “House Flipping Profits on Long Island: $40,000

  1. If you are wealthy enough, you never noticed the bubble nor economic downturn.

  2. 1baronrichsnot says:

    This housing bubble is just satrting, Bubbles lasts an average 2 years, the stock market is a bubble, the bond market is a bubble, the debt bubble is much larger and has gone on longer (like 48 years) can't be paid back by folks not working full time or at all, only the strong will survive, then they wont be strong. Why? Because by the time we run through QE3 the dollar wont buy anything, think its bad now, you wont be able to afford anything, if sellers even want the dollar. Try 100K for a camry, 23 bucks a gal for fuel, try 300% more for food. Sound like fun? Well we owe 146 trillion, just devide that by 320 million, that's all the people in the USA. Men, women, and children. Astounding!