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Politics : View from the Center and Left

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To: neolib who wrote (55544)	3/23/2008 1:36:35 PM
From: Sam	Read Replies (1) of 543351

Plenty of people walking away from RE deals looked fine on paper. It is a fantasy to think this problem was caused by minorities trying to buy their first home. There was even at least one TV show dedicated to "flippers" (not the dolphin variety)--how to buy and sell for a quick profit. It actually can be seen as the traditional American way (or at least a "venerable" American tradition. George Washington was a surveyor because real estate was the place to be to make money in the late 18th century (certainly for a second son). New York and Chicago both were known at times in the 19th century as places where people could get rich quick by flipping (although I don't think it was called that back then). You could buy a parcel of land one day and a few weeks later sell it at a handsome profit to someone. Not surprisingly, the Gilded Age was also an age of boom and bust. If you look at the economic statistics in 1870 and in 1900 without looking at what happened in between, you would have thought it was a great time economically. But that "great time" came at a high cost for a lot of people. It set the stage for the Progressive Era.

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