NEWSWEEK: Media Lead Sheet/July 28, 2008 Issue (on newsstands Monday, July 21)

July 20, 2008 1:33 PM EDT

COVER: "Murder in the 8th Grade" (p. 40). Associate Editor Ramin Setoodeh recounts the complex story behind the Larry King shooting, which became the most prominent gay-bias crime since the murder of Matthew Shepard 10 years ago. Earlier this year the lives of students at Oxnard, Calif.'s E.O. Green Junior High School were shaken when fellow student Brandon McInerney killed openly gay student Larry King. Now the community is working to piece together what went so terribly wrong and McInerney is waiting to be arraigned this week, charged with first-degree murder and a hate crime. The cover story examines whether schools are prepared to help younger kids cope with issues of identity and sexuality. Homosexuality is becoming much more accepted and kids are becoming so comfortable with the concept of being openly gay that they are coming out younger and younger. One study found that the average age when kids self-identify as gay has tumbled to 13.4; their parents usually find out a year later.

http://www.newsweek.com/id/147790

(Photo: http://www.newscom.com/cgi-bin/prnh/20080720/NYSU001 )

DANIEL GROSS: "A Chicken Little Tale for Adults" (p. 19). Senior Editor Daniel Gross writes that since the creation of the Federal Deposit Insurance Corp. (FDIC) 75 years ago no insured deposit has been lost. But now, anticipating a rise in business, the agency has called dozens of veterans out of retirement and is hiring. Five banks have failed this year, and Sheila Bair, chairman of the Federal Deposit Insurance Corp., expects more. Ninety banks are on the FDIC's problem list. "After several years on the D-list, deposit insurance is hot," Gross writes. "The FDIC's Web site last Monday tallied a record 9 million hits ... Traffic was driven by concerns about IndyMac, the big California lender taken over by the FDIC on July 11, and by general concerns about banks' health."

http://www.newsweek.com/id/146907

POLITICS: "The Story Of His Life" (p. 26). Chief Political Correspondent Howard Fineman profiles Mark Salter, John McCain's speechwriter, former Senate chief of staff, coauthor, biographer and closest adviser. Salter calls himself a "friend" to the presumptive GOP nominee, but that doesn't do their relationship justice. "The only person closer to McCain is his wife," says former senator Warren Rudman, a longtime friend to both men. McCain and Salter are stylistically similar and share a world view: they like to operate in intimate settings, with a loyal band of brothers. Which is a good thing, since they're up against Barack Obama, who so far seems more deft, organized, popular and blessed by destiny.

http://www.newsweek.com/id/147768

"Why Won't Juan Come to the Phone?" (p. 28). Senior Editorial Assistant Jessica Ramirez and White House Correspondent Holly Bailey report on why John McCain's Hispanic outreach chief Juan Hernandez has been keeping a low profile since the presidential hopeful needs to win over the Latino community. A recent Gallup poll shows McCain with only 29 percent Hispanic support. But that was before the big debate on immigration reform, and disparaging conservative remarks that angered Latinos.

http://www.newsweek.com/id/147770

IRAQ: "After the 'Surge'" (p. 32). Senior Editor Nisid Hajari reports on the current precarious peace in Baghdad. Some of the better off neighborhoods have not seen sectarian killings for a couple of months and in areas such as the Karrada district families can picnic in a new park on the Tigris. But ordinary Iraqis are as unsure as anyone about what to make of this existence-a "peace" in which masked men still run tense checkpoints, towering T-Walls blot out neighborhoods from view and the lawnmower buzz of drones fills the air. "In Baghdad earlier this month, as the last of the 'surge' brigades prepared to leave, the war I saw seemed to be entering a confusing interregnum period," Hajari writes. "Suicide bombers continue to wreak havoc, killing at least 50 people last week. But the conflict is now hazier, more unpredictable, more political."

http://www.newsweek.com/id/147834

INSIDE BUSINESS: "Seeing Shades of the 1930s" (p. 34). Gross writes that the government's effort to keep Fannie Mae and Freddie Mac afloat has a lot in common with the New Deal. Last week Federal Reserve chairman Ben Bernanke and Treasury Secretary Henry Paulson told Congress of their latest efforts to rescue the financial sector. The question now is, "Will the crisis inspire a fundamental restructuring of the vital, symbiotic relationship between Washington and Wall Street, as happened during the New Deal? Or will these responses prove a temporary blip, as when the government bailed out the savings and loan industry in the late 1980s?"

http://www.newsweek.com/id/147759

"What Should Uncle Sam Do?" (p. 36) Participants in Newsweek's Business Roundtable assess the damage from the economic crisis and offer solutions. Guest columnists include Robert Reich, Secretary of Labor under Bill Clinton, and author of "Supercapitalism: The Transformation of Business, Democracy, and Everyday Life;" Larry Lindsey, former governor of the Federal Reserve and former economic adviser to President George W. Bush; Jeremy J. Siegel, professor at Wharton Business School; John Snow, former Treasury secretary under George W. Bush, now chairman of Cerberus Capital Management; Robert Rubin, Treasury secretary under President Clinton and now chairman of the Citi executive committee board; and Peter Wallison, general counsel for the Treasury and the White House in the Reagan administration, now Arthur F. Burns fellow in financial policy at the American Enterprise Institute.

http://www.newsweek.com/id/147760

LETTER FROM LONDON: "The Royal Squeeze" (p. 39). Contributing Editor Barbara Kantrowitz reports how even Britain's Queen Elizabeth II is feeling a financial pinch despite a net worth estimated at $650 million. With so many ordinary Brits struggling to pay their own rising household costs, a recent royal plea for cash to redecorate Buckingham Palace's State Rooms, which haven't been spruced up since the Queen took the throne in 1952, incited critics. When the recent budget was released, an antimonarchist group called Republic claimed that the real cost was triple the official estimate. Although supporters of the monarchy contend that the royals justify their tab because they bring in tourists, Republic noted that only one royal residence, Windsor Castle, is among the country's top 20 tourist attractions, and it's only 17th.

http://www.newsweek.com/id/146305

BOOKS: "It's Still Not Easy Being Green" (p. 49). Setoodeh reports on the 100th anniversary of "Anne of Green Gables" and Canada's Prince Edward Island's festivities honoring the book, including two different Anne musicals, an Anne fair and a parade earlier this month. "That 'Anne' has survived so long ... is a small miracle ... It's rare to find a best seller with a strong heroine anymore, in large part because, although girls will read books about boys, boys won't go near a girl's book, no matter how cool she is," Setoodeh writes. "The literary smart girl is still showing up in literature, but she's often the sidekick," says Trinna Frever, an "Anne of Green Gables" scholar. "It is a reflection of a culture that's placing less value on intelligence, and also treating intelligence as a stigmatized quality."

http://www.newsweek.com/id/147758

MUSIC: "When Wynton Met Willie" (p. 52). Senior Writer Lorraine Ali interviews Wynton Marsalis and Willie Nelson about their new album, "Two Men With the Blues," a live recording culled from two concerts they played at Lincoln Center last year. "I like playing with Wynton," says Nelson, "because you know the piano player won't show up drunk, and whatever comes out of it, it'll be worth the listen."

http://www.newsweek.com/id/146901

TIP SHEET: "Surviving the Bank Crisis" (p. 54). Contributing Editor Linda Stern reports on the many ways people can get their finances in order now that the federal government has moved to shore up mortgage-buying giants Freddie Mac and Fannie Mae.

http://www.blog.newsweek.com/blogs/tipsheet/default.aspx

SOURCE Newsweek

Stocks Mentioned

Related Entities

• Cerberus Capital
• Henry Paulson
• Ben S. Bernanke
• Citi

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