food will never be so cheap again...,

Telegraph | Biofuel refineries in the US have set fresh records for grain use every month since May. Almost a third of the US corn harvest will be diverted into ethanol for motors this year, or 12pc of the global crop.

The world's grain stocks have dropped from four to 2.6 months cover since 2000, despite two bumper harvests in North America. China's inventories are at a 30-year low. Asian rice stocks are near danger level.

Yet farm commodities have largely missed out on Bernanke's reflation rally in metals, oil, and everything else. Dylan Grice from Société Générale sees "bargain basement" prices.

Wheat has crashed 70pc from early 2008. Corn has halved. The "Ags" have mostly drifted sideways over the last six months. This divergence within the commodity family is untenable, given the bio-ethanol linkage to oil.

For investors wishing to rotate out of overstretched rallies – Wall Street's Transport index and the Russell 2000 broke down last week – this is a rare chance to buy cheap into a story that will dominate the rest of our lives.

Barack Obama has not reversed the Bush policy on biofuels, despite food riots in a string of poor countries last year and calls for a moratorium. The subsidy of 45 cents per gallon remains.

The motive is strategic. America is weaning itself off imported energy at breakneck speed. It will not again be held hostage by oil demagogues, or humiliated by states that cannot feed themselves. Those Beijing students who laughed at US Treasury Secretary Tim Geithner may not enjoy the last laugh. The US is the agricultural superpower. Foes will discover why that matters.

evolutionary past determines how leadership is chosen

ScienceDaily | Why did Barack Obama win the US election and did the fact he is over six feet tall influence the voters? In a synthesis of research, published in Current Biology this month, the authors of the paper 'The Origins and Evolution of Leadership' argue that due to 'a hangover from our evolutionary past' factors like age, sex, height and weight play a major part in the determining our choice of leaders.

Author Professor Mark van Vugt, an Associate Member of the Institute for Cognitive and Evolutionary Anthropology at the University of Oxford, said: 'Traits like height, age, gender, masculinity/femininity, and weight all appear to matter when we vote for our leaders. These are likely hangovers from our evolutionary past -- ancestral leadership prototypes that are context-dependent. When we face particular threats, like war, these elicit particular prototypes, such as the need for a masculine leader. Therefore, leaders who match these ancestral prototypes have a better chance of being elected.'

The article says that although human societies continue to rely heavily on political, economic, military, professional and religious leaders to function effectively, there is a consistently high rate of leadership failure. Nearly three quarters of business failures in corporate America are due to managerial incompetence, the study points out. It asks whether new approaches might be useful in understanding when and why human leadership succeeds and fails -- including Nature's own lessons on what works best in different contexts.

Author Dr Andrew King, from the Zoological Society of London, said: 'Evolution has fashioned principles governing leadership and followership over many millions of years. We need to ground the complex, even mystical, social phenomenon of leadership in science. Through empirical observation, theoretical models, neuroscience, experimental psychology, and genetics, we can explore the development and adaptive functions of leadership and followership. This analysis of data, combined with an evolutionary perspective on leadership, might highlight potential mismatches so we can see how evolved mechanisms of leadership are possibly out of kilter with our relatively novel social environment.'

obama declares h1n1 a national emergency

NYTimes | President Obama has declared the swine flu outbreak a national emergency, allowing hospitals and local governments to speedily set up alternate sites for treatment and triage procedures if needed to handle any surge of patients, the White House said on Saturday.

The declaration came as thousands of people lined up in cities across the country to receive vaccinations, and as federal officials acknowledged that their ambitious vaccination program has gotten off to a slow start. Only 16 million doses of the vaccine were available now, and about 30 million were expected by the end of the month. Some states have requested 10 times the amount they have been allotted.

Flu activity — virtually all of it the swine flu — is now widespread in 46 states, a level that federal officials say equals the peak of a typical winter flu season. Millions of people in the United States have had swine flu, known as H1N1, either in the first wave in the spring or the current wave.

Although there has been no exact count, officials said the H1N1 virus has killed more than 1,000 Americans and hospitalized over 20,000. The emergency declaration, which Mr. Obama signed Friday night, has to do only with hospital treatment, not with the vaccine. Government officials emphasized that Mr. Obama’s declaration was largely an administrative move that did not signify any unanticipated worsening of the outbreak of the H1N1 flu nationwide. Nor, they said, did it have anything to do with the reports of vaccine shortages.

“This is not a response to any new developments,” said Reid Cherlin, a White House spokesman. “It’s an important tool in our kit going forward.”

Mr. Obama’s declaration was necessary to empower Kathleen Sebelius, the secretary of Health and Human Services, to issue waivers that allow hospitals in danger of being overwhelmed with swine flu patients to execute disaster operation plans that include transferring patients off-site to satellite facilities or other hospitals.

h1n1 situation update

CDC | Each week CDC analyzes information about influenza disease activity in the United States and publishes findings of key flu indicators in a report called FluView. During the week of October 11-17, 2009, a review of the key indictors found that influenza activity continued to increase in the United States from the previous week. Below is a summary of the most recent key indicators:

Visits to doctors for influenza-like illness (ILI) increased steeply since last week in the United States, and overall, are much higher than what is expected for this time of the year. ILI activity now is higher than what is seen during the peak of many regular flu seasons.

Total influenza hospitalization rates for laboratory-confirmed flu are climbing and are higher than expected for this time of year.

The proportion of deaths attributed to pneumonia and influenza (P&I) based on the 122 Cities Report has increased and has been higher than what is expected at this time of year for two weeks. In addition, 11 flu-related pediatric deaths were reported this week; 9 of these deaths were confirmed 2009 H1N1, and two were influenza A viruses, but were not subtyped. Since April 2009, CDC has received reports of 95 laboratory-confirmed pediatric 2009 H1N1 deaths and another 7 pediatric deaths that were laboratory confirmed as influenza, but where the flu virus subtype was not determined.

Forty-six states are reporting widespread influenza activity at this time. They are: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming. This many reports of widespread activity are unprecedented during seasonal flu.

Almost all of the influenza viruses identified so far are 2009 H1N1 influenza A viruses. These viruses remain similar to the virus chosen for the 2009 H1N1 vaccine, and remain susceptible to the antiviral drugs oseltamivir and zanamivir with rare exception.

self-help is not benign...,

WSJ | Self-help is not benign. The $11 billion industry can hurt you psychologically, it can hurt you financially and, as we see, it can hurt you physically. It can hurt your family and friends too.

Consider that today's increasingly popular "large group awareness training" (LGAT) incorporates tactics more commonly identified with psychological warfare. Facilitators bully attendees verbally and sometimes physically, call upon them to relive their worst experiences in humiliating detail in front of strangers, deprive them of sleep and even bathroom privileges—all in the name of self-actualization. In expert testimony in a 1992 lawsuit against the best-known of these LGATs, Landmark Forum (long a favored choice for corporate retreats), the clinical psychologist Margaret Singer observed that Forum "applies a number of powerful and psychologically disturbing, emotionally arousing and defense destabilizing techniques to large groups of people, in an intense, marathon-like period." How can this not have a catastrophic effect on people in a fragile emotional state—which is surely the case with a sizable contingent of those who seek out these "transformational" courses to begin with?

Other offerings, bracketed as "relationships therapy" or "assertiveness training," can wreak havoc on existing interpersonal bonds. Stories abound of couples whose marriages fell victim to gurus who celebrated promiscuity and "personal morality," or who chastised participants for their codependent (that is, caring and empathetic) ways.

Apologists argue that there are bad outcomes in any endeavor, that it's unfair to single out self-help when, say, conventional medicine kills thousands each year. The difference is that in medicine, practitioners share demonstrated expertise in methods that evolved over time and have been tested and retested for efficacy. A bad outcome in a field with proven benefits is unfortunate. A bad outcome in a field with little basis for existing in the first place is unforgivable. As noted psychologist Michael Hurd told me, "Gurus encourage these poor, already troubled souls to literally take leave of their senses, as if departing reason will somehow liberate you."

Meanwhile, the self-help industry continues to expand, with dozens of new gurus flooding the market each year, seeking their slice of the pie. Though modern self-help had its origins in works by classically trained psychiatrists like Eric ("Games People Play") Berne and his disciple Thomas ("I'm OK, You're OK") Harris, today's leading exponents have as much business trading in mental health as they do performing neurosurgery. They're snake-oil salesmen, pitching regimens that have never been validated.

grimm's reality tales...,

NYTimes | Over the past two years, government officials and experts have seen an increasing number of children leave home for life on the streets, including many under 13. Foreclosures, layoffs, rising food and fuel prices and inadequate supplies of low-cost housing have stretched families to the extreme, and those pressures have trickled down to teenagers and preteens.

Federal studies and experts in the field have estimated that at least 1.6 million juveniles run away or are thrown out of their homes annually. But most of those return home within a week, and the government does not conduct a comprehensive or current count.

The best measure of the problem may be the number of contacts with runaways that federally-financed outreach programs make, which rose to 761,000 in 2008 from 550,000 in 2002, when current methods of counting began. (The number fell in 2007, but rose sharply again last year, and the number of federal outreach programs has been fairly steady throughout the period.)

killer-ape targets

awol in the "good old days"...,

epic fail...,

Reuters | On the auction block in Detroit: almost 9,000 homes and lots in various states of abandonment and decay from the tidy owner-occupied to the burned-out shell claimed by squatters.

Taken together, the properties seized by tax collectors for arrears and put up for sale last week represented an area the size of New York's Central Park. Total vacant land in Detroit now occupies an area almost the size of Boston, according to a Detroit Free Press estimate.

The tax foreclosure auction by Wayne County authorities also stood as one of the most ambitious one-stop attempts to sell off urban property since the real-estate market collapse.

Despite a minimum bid of $500, less than a fifth of the Detroit land was sold after four days.

The county had no estimate of how much was raised by the auction, a second attempt to sell property that had failed to find buyers for the full amount of back taxes in September.

The unsold parcels add to an expanding ghost town within the once-vibrant town known worldwide as the Motor City.

50% more brits behind on their energy bills

Telegraph | The number of people falling behind with fuel bills soared by nearly 50pc during the past six months, a charity warned today.

Citizens Advice said it had seen a 46pc increase in the number of people contacting it during the six months to the end of September who had fuel debts, compared with the same period of the previous year.

It said the rise continued a trend seen in recent years, with the number of people who were in debt to their fuel supplier jumping by 82pc since 2005/2006.

The majority of people who owed money on their energy bills in 2008/2009 were of working age, with only 5pc of people aged over 65.

Eight out of 10 people who were behind with their energy bills had incomes which were half the national average, with 32pc living off less than £400 a month, while a quarter of people with fuel debt had a disability.

David Harker, chief executive of Citizens Advice, said: "We are already seeing large increases in the number of people in fuel debt and it is not yet winter.

"With fuel prices remaining at historically high levels it is essential that people get all the help that is available.

"Recent Government increases in Warm Front Grants and Cold Weather Payments will go some way towards helping but information on what help is available, targeted to those who are most vulnerable, must be a prime focus for the Government and energy companies."

the sun slowly sets on the west's oil men

Telegraph | “Oh somewhere in the $60 to $90 range for the foreseeable” – that was the consensus for the oil price that most energy executives milling around at the Oil & Money conference in London gave this week.

That is until John B Hess, the man whose father founded the $120bn oil-exploring Hess Corporation 76 years ago, shook up the room with his apocalyptic outlook for the world’s galloping energy consumption.

The price of $140 per barrel oil was not an aberration. It was a warning,” he started. Some home truths from Mr Hess followed:

1 ) About 85pc of the world’s energy comes from hydrocarbons. Renewable energy does not have the scale, timeframe or economics to materially change this outcome.

2) Oil demand growth will be unrelenting, increasing 1m barrels per day each year. But non-OPEC production is in the process of, if not peaking, reaching a plateau. And 73 pc of the countries that produce oil have already peaked.

3) The role of the national oil companies [most OPEC nations] is critical. They need to invest more or allow others to partner with them. We do not have the luxury of time.

4) We will ultimately be at risk of supply rationing demand through skyrocketing prices that will threaten economic stability and prosperity. If we do not act now, we will have a devastating oil crisis in the next 5-to-10 years.

5) Emissions targets to limit global warming to no more than two degrees are unrealistic. To meet this target, global annual CO2 emissions would have to be reduced from today by more than 80pc by 2050. With world population growth and rising living standards, holding global CO2 emissions flat by 2050 would be a huge achievement
in itself.

So how far do we believe his doom and gloom? He is, after all, a man who sells oil for a living, with an interest in talking up the world’s dependence on fossil fuels. It depends how much faith you have in reduced demand for oil through energy efficiency and electric transport, but on balance, the dire warnings do not seem outlandish.

growing restless....,

Bloomberg | An Exxon Mobil Corp. executive overseeing the company’s $15 billion liquefied-natural-gas project in Papua New Guinea was beaten and stomped by a mob of 50 people in a dispute over landowner contracts.

Noel Wright, Exxon Mobil’s development officer overseeing plans to build a gas-export complex in the South Pacific nation, has returned to “normal duties” after the Oct. 20 attack outside his hotel in the capital, Port Moresby, said Margaret Ross, a spokeswoman for the Irving, Texas-based company.

Ross declined to provide details on Wright’s injuries, which the Post-Courier newspaper in Port Moresby said were severe enough to require hospitalization. Wright was “severely punched” in the face, knocked to the pavement, kicked and stepped on during the incident, the newspaper reported on Oct. 21. The attackers’ attempt to haul Wright away in a waiting vehicle failed when police intervened, the Post-Courier said.

“The reported assault is under police investigation,” Ross said today in an e-mailed statement. “The PNG LNG project places a high priority on the safety and security of its personnel and facilities and has programs and measures in place to provide security and safeguards to protect its people and operations.”

The attack won’t deter Exxon Mobil, the world’s largest company by market value, from proceeding with the LNG project, Ross said. Exxon Mobil will adhere to plans to make a final investment decision by the end of December, she said.

continuously less and less....,

click the image to enlarge its details

Continuously Less and Less
The fundamental enabler of our industrialized American way of life is continuous access to enormous quantities of inexpensive nonrenewable natural resources (NNRs)—energy resources, metals, and minerals. Unfortunately, future NNR supplies will be insufficient to perpetuate our American way of life, for both geological reasons and geopolitical reasons.

Geologically, an ever-increasing number of NNRs are near, at, or past their peak production levels; NNR supplies available to the US are or will soon be in terminal decline.

Geopolitically, our foreign NNR suppliers, who are also our competitors for remaining global NNR supplies, are becoming less willing to export their increasingly scarce NNRs to the US in exchange for our continuously devaluing US dollars and our unrepayable US debt.

Since our continuously declining domestic NNR supplies are woefully inadequate to enable our American way of life, and our imported NNR supplies will decline continuously going forward, we will experience permanent NNR supply shortfalls in the not-too-distant future that will cause American society to collapse. The following paper presents quantified evidence to support this contention.

The paper provides a comprehensive analysis of 58 nonrenewable natural resources for which the US Geological Survey and US Energy Information Administration keep current and historic production, pricing, and utilization data. Specifically, the paper assesses the extent to which nonrenewable natural resource (NNR) supplies available to America are becoming increasingly scarce, and the extent to which America is vulnerable to an imminent and permanent NNR supply shortfall associated with each of the 58 analyzed NNRs.

Finally, the paper discusses the implications associated with NNR scarcity and NNR supply shortfalls on our American way of life and American society.

Supporting data tables, NNR myths, and possible sources of error associated with the paper’s analyses and findings are provided in the appendixes.

art of the samurai

MMOA | This will be the first comprehensive exhibition devoted to the arts of the samurai. Arms and armor will be the principal focus, bringing together the finest examples of armor, swords and sword mountings, archery equipment and firearms, equestrian equipment, banners, surcoats, and related accessories of rank such as fans and batons. Drawn entirely from public and private collections in Japan, the majority of objects date from the rise of the samurai in the late Heian period, ca. 1156, through the early modern Edo period, ending in 1868, when samurai culture was abolished. The martial skills and daily life of the samurai, their governing lords, the daimyo, and the ruling shoguns will also be evoked through the presence of painted scrolls and screens depicting battles and martial sports, castles, and portraits of individual warriors. The exhibition will conclude with a related exhibition documenting the recent restoration in Japan of a selection of arms and armor from the Metropolitan Museum’s permanent collection. This will be the first exhibition ever devoted to the subject of Japanese arms and armor conservation.
Accompanied by a catalogue.

The exhibition is made possible by the Yomiuri Shimbun.

the speech obama needs to (but will not) give...,

The Oil Drum | As I’m sure all of you are painfully aware, the United States, along with the rest of the world, is in the midst of some of the most profound economic, environmental, and energy troubles ever experienced by modern civilization.

I understand the deep pain, anger, and confusion many of you are feeling at this moment, and I sympathize. My goal tonight is to try to clarify our situation a bit, and in doing so, perhaps channel some of those feelings towards more constructive ends.

The economic, environmental, and energy problems we are currently experiencing are not ultimately the fault of any one person, political group, ethnic group, religious group, country, or region. They go much deeper than that. They are, instead, manifestations of the ongoing conflict -- a war really -- between a finite planet and a human species with infinite aspirations.

In such a war -- a war we are waging against our very life-support systems -- we have no hope of winning. Our best hope is to, as quickly as possible, call off the war, regroup, and fundamentally restructure our society around the acceptance of our planet’s finite nature – around limits.

My words here are, no doubt, striking to you. These are not ideas commonly expressed in “polite” circles -- in the national print media, on television, in board rooms, in Congress, in addresses from the President. They are revolutionary. But they are true and they are necessary.

Let me use an analogy from my experience as a father. As children grow towards adulthood, one of the most painful experiences – for both the child and the parent – is the child’s slow realization and eventual acceptance of limits. Such an embrace of limits is, in fact, one of the hallmarks of “growing up.” My fellow Americans, we need to grow up.

Limits
We, as a species, are now bumping up against -- slamming into, really -- some very immutable biophysical limits on a global scale. These limits and the mounting consequences for their continued violation have been predicted and well documented by our best scientists for many decades -- complete with dire warnings for the consequences of failing to change our course.

We have not heeded these warnings and we are now suffering the predicted consequences. It is our own fault.

We have reached limits in two very real and dangerous senses. Firstly, our voracious material wants have outstripped the Earth’s physical limits -- hard limits on how much and how rapidly the Earth can provide us with material and energy resources to run our industrial lifestyles. A partial list of these increasingly scarce resources includes fossil and nuclear energy sources, freshwater for drinking and irrigation, phosphate fertilizer, and various key metal ores. Even theoretically renewable resources such as our ocean fisheries, fertile soil, and forest products are being destroyed by persistent abuse.

In short, we cannot have infinite wants on a finite planet. These were childish wishes.

Secondly, the almost-unimaginable volumes of waste arising from our industrial activities have overwhelmed the Earth’s waste-disposal systems. The list of accumulating toxins is long and growing: greenhouse gases, PCBs, mercury and other heavy metals, radioactive waste, various endocrine disruptors, silt from eroded forests and farmland, excessive fertilizer, pesticides, and antibiotics from industrial factory farms in our estuaries and drinking water, as well as many others I could list. Most notable among this shameful list are the greenhouse gases arising from our civilization’s terminal addiction to fossil fuels. These have accumulated in our atmosphere to such an extent that a potentially disastrous suite of climatic changes has already been initiated – changes that may ultimately endanger our very survival as a species.

We have fouled our nest. Again, we are guilty of childish behavior – mindless, reckless, and irresponsible.

The End of Growth
Having recognized these limits, we are immediately challenged to renounce one of our most cherished beliefs as a civilization -- the idea of continuous material growth.

u.s. joins ranks of failed states?

ICH | According to reports, the US Marines in Afghanistan use 800,000 gallons of gasoline per day. At $400 per gallon, that comes to a $320,000,000 daily fuel bill for the Marines alone. Only a country totally out of control would squander resources in this way.

While the US government squanders $400 per gallon of gasoline in order to kill women and children in Afghanistan, many millions of Americans have lost their jobs and their homes and are experiencing the kind of misery that is the daily life of poor third world peoples. Americans are living in their cars and in public parks. America’s cities, towns, and states are suffering from the costs of economic dislocations and the reduction in tax revenues from the economy’s decline. Yet, Obama has sent more troops to Afghanistan, a country half way around the world that is not a threat to America.

It costs $750,000 per year for each soldier we have in Afghanistan. The soldiers, who are at risk of life and limb, are paid a pittance, but all of the privatized services to the military are rolling in excess profits. One of the great frauds perpetuated on the American people was the privatization of services that the US military traditionally performed for itself. “Our” elected leaders could not resist any opportunity to create at taxpayers’ expense private wealth that could be recycled to politicians in campaign contributions.

Republicans and Democrats on the take from the private insurance companies maintain that the US cannot afford to provide Americans with health care and that cuts must be made even in Social Security and Medicare. So how can the US afford bankrupting wars, much less totally pointless wars that serve no American interest?

The enormous scale of foreign borrowing and money creation necessary to finance Washington’s wars are sending the dollar to historic lows. The dollar has even experienced large declines relative to currencies of third world countries such as Botswana and Brazil. The decline in the dollar’s value reduces the purchasing power of Americans’ already declining incomes.

An unmistakable sign of third world despotism is a police force that sees the pubic as the enemy. Thanks to the federal government, our local police forces are now militarized and imbued with hostile attitudes toward the public. SWAT teams have proliferated, and even small towns now have police forces with the firepower of US Special Forces. Summons are increasingly delivered by SWAT teams that tyrannize citizens with broken down doors, a $400 or $500 repair born by the tyrannized resident. Recently a mayor and his family were the recipients of incompetence by the town’s local SWAT team, which mistakenly wrecked the mayor’s home, terrorized his family, and killed the family’s two friendly Labrador dogs.

If a town’s mayor can be treated in this way, what do you think is the fate of the poor white or black? Or the idealistic student who protests his government’s inhumanity?

In any failed state, the greatest threat to the population comes from the government and the police. That is certainly the situation today in the USA. Americans have no greater enemy than their own government. Washington is controlled by interest groups that enrich themselves at the expense of the American people.

The one percent that comprise the superrich are laughing as they say, “let them eat cake.”

$400.00/gallon gas drives debate over afghan war

TheHill | The Pentagon pays an average of $400 to put a gallon of fuel into a combat vehicle or aircraft in Afghanistan.

The statistic is likely to play into the escalating debate in Congress over the cost of a war that entered its ninth year last week.

Pentagon officials have told the House Appropriations Defense Subcommittee a gallon of fuel costs the military about $400 by the time it arrives in the remote locations in Afghanistan where U.S. troops operate.

“It is a number that we were not aware of and it is worrisome,” Rep. John Murtha (D-Pa.), the chairman of the House Appropriations Defense panel, said in an interview with The Hill. “When I heard that figure from the Defense Department, we started looking into it.”

The Pentagon comptroller’s office provided the fuel statistic to the committee staff when it was asked for a breakdown of why every 1,000 troops deployed to Afghanistan costs $1 billion. The Obama administration uses this estimate in calculating the cost of sending more troops to Afghanistan.

The Obama administration is engaged in an internal debate over its future strategy in Afghanistan. Part of this debate concerns whether to increase the number of U.S. troops in that country.

The top U.S. general in Afghanistan, Stanley McChrystal, reportedly has requested that about 40,000 additional troops be sent.
Democrats in Congress are divided over whether to send more combat troops to stabilize Afghanistan in the face of waning public support for the war.

Any additional troops and operations likely will have to be paid for through a supplemental spending bill next year, something Murtha has said he already anticipates.

Afghanistan — with its lack of infrastructure, challenging geography and increased roadside bomb attacks — is a logistical nightmare for the U.S. military, according to congressional sources, and it is expensive to transport fuel and other supplies.

t. boone speaks his mind...,

Reuters | Oil tycoon T. Boone Pickens told Congress on Wednesday that U.S. energy companies are "entitled" to some of Iraq's crude because of the large number of American troops that lost their lives fighting in the country and the U.S. taxpayer money spent in Iraq.

Boone, speaking to the newly formed Congressional Natural Gas Caucus, complained that the Iraqi government has awarded contracts to foreign companies, particularly Chinese firms, to develop Iraq's vast reserves while American companies have mostly been shut out.

"They're opening them (oil fields) up to other companies all over the world ... We're entitled to it," Pickens said of Iraq's oil. "Heck, we even lost 5,000 of our people, 65,000 injured and a trillion, five hundred billion dollars."

President Barack Obama has pledged to withdraw U.S. troops in Iraq.

"We leave there with the Chinese getting the oil," Pickens said.

drop in foreclosures called "very scary"

DaytonDailyNews | Nobody is sure exactly how many bank walkaways are occurring. For various reasons, they can’t be identified in searches of public real estate and court data without individually pulling case files, experts say.

But nobody questions that they are on the increase.

David Rothstein, a researcher with Policy Matters Ohio, summarized the way they occur like this:

• The lender files a foreclosure, gets the foreclosure judgment in court, takes the property to sheriff’s auction but doesn’t bid on it if no one else does.

• The lender files as above, gets the judgment, sets the sheriff’s auction, then cancels the sale at the last minute.

• The lender files as above but then never requests a sheriff’s auction.

• The lender doesn’t even bother to file foreclosure.

All of these actions leave the foreclosed property in the hands of the original owner who, in many cases, has moved out and is unaware the lender hasn’t taken it.

One indicator of the trend in walkaways is the gap between the number of foreclosure filings by lenders and the number of properties actually sold at sheriff’s auction.

A Dayton Daily News analysis of Montgomery County records found that, through September, foreclosure filings are on a pace this year to decrease by 8 percent. Meanwhile, foreclosed properties sold at sheriff’s sale will be down more than 21 percent. Over the three years an average of 2,500 foreclosure filings have not made it to sale at auction.

A foreclosure filing may not make it to auction for a number of reasons, including owners coming up with the money or lenders working out deals with them. But, Rothstein said, the growing difference between filings and sales suggests walkaways are playing an increasing role.

“When we look at the numbers, it’s not like thousands of people are getting loan modifications that would lift them out of the foreclosure process,” he said. “So what’s happening to those other properties?”

american poverty higher than ever now

NYDailyNews | The level of poverty in America is even worse than first believed.

A revised formula for calculating medical costs and geographic variations show that approximately 47.4 million Americans last year lived in poverty, 7 million more than the government's official figure.

The disparity occurs because of differing formulas the Census Bureau and the National Academy of Science use for calculating the poverty rate. The NAS formula shows the poverty rate to be at 15.8 percent, or nearly 1 in 6 Americans, according to calculations released this week. That's higher than the 13.2 percent, or 39.8 million, figure made available recently under the original government formula.

That measure, created in 1955, does not factor in rising medical care, transportation, child care or geographical variations in living costs. Nor does it consider non-cash government aid when calculating income. As a result, official figures released last month by Census may have overlooked millions of poor people, many of them 65 and older.