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Deserted Shopping Mall Bleak Symbol of Fed Bailout

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"The Fed finds itself in the unusual situation of being an Oklahoma City landlord after it lent JPMorgan Chase $29 billion to buy Bear Stearns last year," according to Reuters. "he Fed now owns the Crossroads Mall, a sprawling shopping complex at the junction of Interstate highways 244 and 35, complete with an oil well pumping crude in the parking lot -- except the Fed does not own the mineral rights."

But wait, here's the best part:

"Noah Diggs, who had just successfully concluded a search for work here as a shop assistant, was surprised and somewhat alarmed to learn the U.S. central bank now owned the property.

"That is a bad thing, right?" he said, surveying the empty parking lot on a rainy morning in early October."

No, no, the Federal Reserve has long been considering actively expanding into commercial retail real estate property management. Just part of the plan.
SOURCE:   Reuters