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106TH YEAR, NO. 191 2009 THE ECONOMY

MiamiHerald.com

TUESDAY, MARCH 24, 2009

BROWARD FINAL

A NEW BALLPARK IN MIAMI

Bank detox: Will it spur new loans?

8,000

MARLINS WIN IT
After nine hours of debate, the Miami-Dade Commission agreed to pay for a share of a new baseball stadium for the team, clearing the way for construction

The president says the

goal behind a plan to buy toxic assets is to get lenders lending. The question is whether it will work.

7,000

BY KEVIN G. HALL
McClatchy News Service

6,000

March 2-6

March 9-13

March 16-20 23

Toxic bank assets to be purchased under public/private investment program:

As much as
Monday increases in bank stock prices

$1 trillion 19.5% Citigroup 26% Bank of America 25% JPMorgan Chase & Co.

WASHINGTON The Obama administrations longawaited plan to help banks dispose of so-called toxic assets so they can resume lending was greeted Monday with a huge rally on Wall Street, but its longer-term success remains far from certain. Treasury Secretary Timothy Geithner detailed a public-private partnership to spend $75 billion to $100 billion in taxpayer money to help raise up to $1 trillion to snap up distressed mortgage bonds and other assets that are now shunned by investors and crippling the financial system. The goal, said President Barack Obama, is to get banks lending again, so families can get basic consumer loans, auto loans, student loans, [and so] that small businesses are able to

PATRICK FARRELL/MIAMI HERALD STAFF

A DEAL: Team owner Jeffrey Loria, left, and Miami-Dade Mayor Carlos Alvarez greet each other after the 9-4 County Commission vote late Monday night to finance a new stadium.
BY CHARLES RABIN AND MATTHEW HAGGMAN
crabin@MiamiHerald.com

TURN TO BANKS, 7A

MiamiHerald.com/ marlins See a photo gallery from the vote Greg Cote: Home run for Miami, 1D
Bruno Barreiro, Audrey Edmonson, Natacha Seijas, Javier Souto, Barbara Jordan, Dorrin Rolle, Jose Pepe Diaz and Rebeca Sosa. In the minority were Commissioners Carlos Gimenez, Sally Heyman, Katy Sorenson and Joe MartiPATRICK FARRELL/MIAMI HERALD STAFF nez. Sorenson argued forcefully against spending public money for FANS: Supporters of the a private enterprise, saying trying stadium chant at County Hall. to make changes to better the deal was like putting lipstick on a fish. debate, elicited cheers and hugs, Mondays theatrics came four including one between Loria and days after the team won similar team President David Samson. approval at Miami City Hall, a oneVoting in favor of the stadium were Commissioners Dennis Moss, TURN TO STADIUM, 4A

SOUTH FLORIDA REAL ESTATE

Price is right for many f irst-time home buyers

Home purchases nationwide that are foreclosures or other distressed property sales

45%

Falling home prices

pushed up South Florida sales in February as bargains on foreclosures drew in new buyers despite fears of a worsening recession.
BY MONICA HATCHER
mhatcher@MiamiHerald.com

The number of homes and condos in Miami-Dade and Broward selling for less than $100,000

11,000 20% 68%

Miami-Dade.

The decrease in the number of single-family homes for sale in Broward County The rise in single-family home sales in February in

SOURCES: Miami Herald staff, Florida Association of Realtors, Associated Press

A veritable flea market of cheap homes and condos drew hundreds of new buyers into South Floridas housing market in February, leading to surging sales as prices continued to spiral downward. Sales of existing single-family homes in Miami-Dade jumped by 68 percent compared with last year. Condo sales increased 71 percent, according to figures released Monday by the Florida Association of Realtors. Sales

The Florida Marlins put more than a decade of political and financial frustration behind them Monday when Miami-Dade commissioners delivered the team what two World Series titles and previous ownership could not: a permanent new home and a sexy new name. Baseball fans, meet the Miami Marlins. Ten years is a long time. Eventually it was going to come. Wow, Im very happy, very pleased, said team owner Jeffrey Loria. Standing near Loria, Miami Mayor Manny Diaz said, Finally. I never had any doubt it would happen. The commissions 9-4 vote, following more than nine hours of

THE EVERGLADES | REMEMBERING THE COLD WAR

WHERE SECRET MISSILES STOOD READY

Forty-five years ago, a site to launch
missiles opened deep in the Everglades in South Miami-Dade. Now the base is opening to touring visitors.
BY HOWARD COHEN
hcohen@MiamiHerald.com

TURN TO HOMES, 7A

S. FLA.S SLOW POPULATION GROWTH REFLECTED IN ECONOMY, 1C

HEALTHCARE

Vets face an HIV risk from hospital pumps

After discovering that water pumps for colonoscopies were not properly cleaned, the VA said there is a slight risk of HIV or hepatitis infection.
HIV, the hospital announced Monday. The revelation drew intense criticism from South Florida congressmen and the concern of veterans who hope a visit to the government-run health center BY ROBERT SAMUELS has not compromised their rsamuels@MiamiHerald.com health. Thousands of veterans who At the center of the fears are underwent certain routine medi- water pumps that are regularly cal procedures at Miamis VA used during colonoscopies and Medical Center are at risk of being infected with hepatitis or TURN TO VETERANS, 4A

AL DIAZ/MIAMI HERALD STAFF

COLD WAR: Ranger Leon Howell holds the flag of the Army unit once stationed at the missile base. MiamiHerald.com/news Watch a video report from the missile site tour

President John F. Kennedy loved the James Bond classic From Russia With Love and the fictional Agent 007 and his exploits to outwit his Cold War enemies. In the real world, however, Kennedy and his military advisors took the threat of a Soviet-armed Cuba seriously enough to build a missile site deep in the Everglades, where projectiles capable of traveling at 2,700 mph were stored and could be launched in 15 minutes. Known as Nike Hercules Missile Base HM-69, the site in Everglades National Park

TURN TO SITE, 2A

WEATHER
SPORTS, 1D

INDEX
ACTION LINE.........7B AMERICAS............. 6A CLASSIFIED........... 10-13D COMICS...................7E CORRECTIONS...... 3A CROSSWORD........ 6E DEATHS.................. 4B DILBERT................. 3C EDITORIALS.......... 12A FRED GRIMM.........1B LOCAL.....................1B LOTTERY................ 8B MOVIES...................5E NATION.................. 3A PEOPLE.................. 8A TELEVISION........... 5E WEATHER.............. 7B WORLD...................9A

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