Aug 31, 2012

Chicago Gangs Prey on Citizens


Today: Earthquake Shakes the Philippines , Bernanke: Fed Helped Economy , Ann Romney: Clint's Speech 'Unique'
Cheat Sheet: Afternoon

August 31, 2012
BLOODY SUMMER

As President Obama preps for the kickoff of the Democratic National Convention on Tuesday, homicides in his hometown have spiked 60 percent since 2011—and gangs have begun preying on citizens in a phenomenon called 'wilding.' The Daily Beast's Michael Daly reports on the wave of violence.

TREMORS

A 7.9 magnitude earthquake struck off the coast of the Philippines on Friday, killing one person, causing damage to some roads and bridges, and triggering a tsunami warning that was eventually lifted. (An earlier tsunami warning for Japan, Hawaii, and more of the Pacific Rim was also lifted.) The Daily Beast's Christopher Dickey on the psychological as well as physical aftershocks that have plagued the area since 2004's deadly 9.1 quake.

WHAT'S NEXT?

Federal Reserve Chairman Ben Bernanke forcefully defended the Fed's controversial actions since the economic crisis began in 2008 in a highly-anticipated speech Friday morning. Speaking at the the annual Jackson Hole Economic Symposium in Jackson, Wyo., Bernanke reviewed and evaluated the actions of the Fed during and since the financial crisis. Bernanke concluded that Fed action, including unconventional actions like the buying of long-term Treasury debt, had been effective and could have added as many as 2 million jobs. Bernanke also identified three factors holding the economy—and employment—back: a sluggish housing sector, cutbacks in state and federal government spending, and uncertainly generated by the European financial crisis. At the end of the speech, Bernanke indicated that the Fed is ready to engage in more unconventional policy "as needed."

AWKWARD

Is "unique" a compliment? Discussing Clint Eastwood's bizarre unscripted performance last night at the Republican National Convention on CBS This Morning, Ann Romney first expressed gratitude: "We appreciated Clint's support … I didn't know it was coming." But later, responding to the question of whether or not Eastwood's performance was a "distraction," she appeared visibly uncomfortable, "He's a unique guy and he did a unique thing last night." Mrs. Romney will now take a permanent place in the spotlight, after her husband officially accepted the Republican nomination for president last night in Tampa.

FREE FALL

The slump continues. After plummeting earlier in the month, Facebook shares dropped to a new low Friday morning. Shares fell more than 4 percent to an all-time low of $18.23—about a 52 percent drop from its initial public offering on May 18. The reason for the tumble? Concerns are mounting about a slowdown in spending on advertising and the risks ahead as several lock-up expirations in the next year threaten to weigh on the stock.


PERJURY
Ex-NOTW Scottish Editor Detained
In relation to Tommy Sheridan defamation trial.
IN COURT
School Shooter Charged as Adult
Fifteen-year-old opened fire at first day of school.
GAME SET MATCH
Day of Upsets at U.S. Open
Caroline Wozniacki falls.
ALL CLEAR
Lohan Cleared in Jewelry Theft
Insufficient evidence to charge the actress.
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