For Allentown Jake and others: Fed Owns Deserted Oklahoma City Mall

[Nikki Stone1]

The ghost mall is coming to pass, Jake.


http://globaleconomicanalysis.blogspot.com/2009/10/fed-owns-deserted-oklahoma-city-mall.html

Fed Owns Deserted Oklahoma City Mall

Those wondering exactly what kind of garbage may be the Fed's balance sheet would be interested in reading Deserted shopping mall bleak symbol of Fed bailout.

A $29 billion trail from the Federal Reserve's bailout of Wall Street investment bank Bear Stearns ends in a partially deserted shopping center on a bleak spot on the south side of Oklahoma City.

The 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 car park -- except the Fed does not own the mineral rights.

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....

[Horse with no Name]

1. "except the Fed does not own the mineral rights."

I see no better example for the use of eminent domain.

[KG]

2. Thank Gawd It Passed!

:eyes:

[AllentownJake]

3. These bailouts are going to be written as one of the stupidist things

America has ever done economically.

[Nikki Stone1]

4. I think it's more than stupidity

I think it's outright theft.

[AllentownJake]

13. Our leaders are inept and corrupt

The doors were left wide open and the crooks were invited in.

[Odin2005]

5. I swear, almost half the stores in the local mall are closed up.

Was in there the first tine in almost 2 years to pick up my new glasses. It was eerie!

[AllentownJake]

6. Ghost Malls

The next crisis is the commercial real estate crisis. The loans to build these places were packaged the same way as mortgages.

[Nikki Stone1]

7. The commercial real estate crisis is the next big thing down the pike

What a mess...

[Odin2005]

8. And IIRC there is still one wave of subprime loans left.

:scared:

[Nikki Stone1]

9. Oh boy...

How do you get your little guy to flash like that?

[AllentownJake]

10. Buckle-Up

It's going to be a bumpy 2010.

[Nikki Stone1]

12. Does it do any good to buy gold?

Or is that price so manipulated as to be useless?

[AllentownJake]

14. Can't hurt

Unless alchemy is sometime invented in the next year, the one thing you can say about Gold, it will always have some value.

If you have money in savings I'd spread it out in 3 or 4 things. Honestly, things are so crazy right now you don't really know what will go up or down or what is "safe"

[Nikki Stone1]

15. I was hoping to put it into a condo, but that seems to be off for now

Sigh. :(

[AllentownJake]

16. If you are looking for a home and not an investment

A home is always something good to spend your money on.

[Nikki Stone1]

17. It would have been for a home.

I have no money for investments. Just trying to get out of apartment living.

[AllentownJake]

19. If you have a reasonable amount for a down payment

steady employment and a good credit rating, a local credit union will probably issue a real reasonable mortgage.

[Nikki Stone1]

21. I'm hoping. I am part of the teacher's credit union.

But it will be another year. I wonder where the housing market will be then.

[northernlights]

30. tanked even lower

I fully understand the urge for a home of one's own. But there seriously is no rush. Prices will continue downward for at least another year, and then will be at bottom for a good long time.

So take your time and get yourself the best deal you can on a place you really want to stay at.

[bertman]

11. I sure am glad that the President is "asking" the big Banksters to do the right thing.

You can bet they'll be jumping right on it this coming Monday morning.

"Yes sir, Mr. President, we'll do whatever it takes to get America back on its feet."

[Nikki Stone1]

29. Do you know there wasn't a single bank president at his big speech to Wall Street recently?

Just a bunch of lower level execs

[lonestarnot]

18. What they going to do with that?

[AllentownJake]

20. Glenn Beck says

Obama Death Camp, though I'm not so sure.

[Nikki Stone1]

22. LOL!!

:rofl:

[lonestarnot]

25. Maybe the new GITMO.

[AllentownJake]

26. Good place for it

If I were of middle eastern descent the last place I would want to escape into is the suburbs of Oklahoma.

[Nikki Stone1]

23. OK, who unrec'd this again?

Are you for ghost malls?

[lonestarnot]

27. K & R again.

[Nikki Stone1]

28. Thanks. :)

:hug:

[Fumesucker]

24. K&R

[SammyWinstonJack]

31. K&R

[Nikki Stone1]

32. Thanks. :)

Jake says there will be more and more ghost malls.