Cheat Sheet - Chicago Gangs Prey on Citizens

Today: Earthquake Shakes the Philippines , Bernanke: Fed Helped Economy , Ann Romney: Clint’s Speech ‘Unique’ August 31, 2012 BLOODY SUMMER 1. Chicago Gangs Prey on Citizens 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. Read it at The Daily Beast TREMORS 2. Earthquake Shakes the Philippines 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. Read it at The Daily Beast WHAT'S NEXT? 3. Bernanke: Fed Helped Economy 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.” Read it at The New York Times AWKWARD 4. Ann Romney: Clint’s Speech ‘Unique’ 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. Read it at The Hill FREE FALL 5. Facebook Shares Tumble to New Low 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. Read it at Reuters PERJURY Ex-NOTW Scottish Editor Detained In relation to Tommy Sheridan defamation trial. YIKES Black Camerawoman Allegedly Attacked At RNC. 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. GET The Cheat Sheet A speedy, smart summary of news and must-reads from across the Web. You'll love the featured original stories on politics, entertainment, and more from The Daily Beast's diverse group of contributors. GET Culture Beast Weekly cultural recommendations from The Daily Beast. Summer Movies: The Best and Worst Flops, blockbusters, and everything in between. Newsweek and The Daily Beast's Ramin Setoodeh and Rolling Stone's Peter Travers sat down to talk about this year's summer movies. Mitt’s Message Of Reassurance by David Frum Tycoon Beats Tycoon by Peter Pomerantsev How The Papers Covered Diana’s Death by Tom Sykes

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