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Sat May 30, 2015, 10:49 AM

Smear article on Elizabeth.......

Democrats don't really care about the little guys and gals: Column

It's funny how preachy politicians and activist groups can be when it comes to pet issues like "economic justice." Yet when it involves their private interest,s it turns into a case of "do as we say, not as we do."

Case in point crusading Democratic Senator Elizabeth Warren, who said in her 2006 book All Your Worth that the idea that "you can make big money buying houses and flipping them quickly" is a myth.

If so, then in the 1990s Warren and her husband were myth-busters. According to a new report in National Review making hundreds of thousands of dollars buying a handful of houses at deflated prices and reselling them months or years later at a substantial markup.

http://www.usatoday.com/story/opinion/2015/05/29/warren-minimum-flip-union-clinton-equal-column/28146463/

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Reply Smear article on Elizabeth....... (Original post)
a kennedy May 2015 OP
whatchamacallit May 2015 #1
Erich Bloodaxe BSN May 2015 #2
DanTex May 2015 #3
InAbLuEsTaTe May 2015 #5
BeyondGeography May 2015 #4

Response to a kennedy (Original post)

Sat May 30, 2015, 10:55 AM

1. 1990s was pre-bubble, maybe she believes it's no longer a viable strategy

Or maybe, regardless of her success, she understands the inherent risks.

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Response to whatchamacallit (Reply #1)

Sat May 30, 2015, 10:59 AM

2. Yeah, I'd say in 90% of cases, she was right.

Most people will not make money by 'flipping'. It's the sort of thing that people who are professional contractors, really willing to take enormous risks, or have the money to sit on idle properties can do, not something that should be encouraged as a sort of 'get rich quick' thing.

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Response to a kennedy (Original post)

Sat May 30, 2015, 11:01 AM

3. This is just standard right-wing garbage.

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Response to DanTex (Reply #3)

Sat May 30, 2015, 11:24 AM

5. As those wise men of Aerosmith were fond of singing: same old story, same old song and dance.

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Response to a kennedy (Original post)

Sat May 30, 2015, 11:05 AM

4. Fair game and thin gruel

The NR article is both detailed and mundane. We're talking a total of $242K in profits off of five homes if I read it right. But that doesn't take into account whatever money she invested in repairs/upgrades:

http://www.nationalreview.com/article/418907/elizabeth-warren-bought-foreclosed-homes-make-quick-profit-jillian-kay-melchior

Her point stands: the odds are against you getting rich doing this type of thing, and it is risky. This is the kind of faux-rage she probably had in mind when she was deciding not to run.

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