The problem isn't that speculators make money per se, its when speculation becomes a feeding frenzy that jacks up the market to insane numbers. See places like

The problem isn't that speculators make money per se, its when speculation becomes a feeding frenzy that jacks up the market to insane numbers. See places like Vancouver where rich foreign investors dump millions into the market to have a safe haven for their money, and don't even bother to rent it out. Why would you bother when you get double digit returns YoY by just sitting on it.