Not sure I would agree with that, I have flipped some houses, but I should define flipping in that I rehabbed them first from serious dumps to sparkling beautiful, then I "flipped" them for more money than I paid.
I did the same for my first house. This is a responsible way to go. Probably like you, because I did it this way I have a ton of equity in my current house with a 4.5% interest rate. I am sitting rock solid. If more people bought homes this way we probably wouldn't have sky high foreclosure rates. You are absolutely correct, home ownership is a privilege, but way too many think that it is a right and buy with no money down in a house waaaayyyy too expensive for their budget and loan terms that will kill them with the slightest change in the market.
I don't work in this space per se, but I am a firm believer that if the market removes one opportunity it creates several new and equally lucrative ones in the process. For the sharp investor and entrepreneur with cash and a head on their shoulders I believe a new opportunity can be found quickly, maybe even better than the old one.