we will turn to ron nixon and alan bjerga. alan bjerga click alan? >> the biggest -- click takeaways? alan bjerga? >> the -- >> it was the police also situation time things back. i saw some echoes and some possibilities there. when you have a drought that focuses natural connection -- attention on agriculture, that brings up all sorts of interesting conversations about ethanol, livestock, what we should be growing food for, and what we should be even producing. there are some hints there that are intriguing and i am looking forward to hearing the secretary speak in the future. >> the biggest take away for me was the market adjustment that the secretary talked about with ethanol production and exports going do

we will turn to ron nixon and alan bjerga.takeaways? alan bjerga? >> i saw some echoes and some possibilities there. when you have a drought that focuses natural attention on agriculture, that brings up all sorts of interesting conversations about ethanol, livestock, what we should be growing food for, and what we should be even producing. there are some hints there that are intriguing and i am looking forward to hearing the secretary speak in the future. >> the biggest take away for me was the market adjustment that the secretary talked about with ethanol production and exports going down. you will not have this stress that we have heard analysts say that we would have with the corn crop being reduced. there is a divide in the agriculture community with livestock producers and those who produce ethanol. that is something that has been happening for a while but the drought has brought out more division. >> the secretary talked about looking at the long-term versus short-term. what does he mean? >> listening to the secretary having covered him since

and around the world, we turn to ron nixon, who has been covering this story for the "new york times." ron, thank you for being with us. first of all, let's just start with how big a blow is this news about corn and soybeans to overall food production? >> good evening, margaret. i think the overall effect is analysts had anticipated that the corn yield would be low, but they were expecting it to be eye bit higher than what the government report actually showed. so this means that you'll have an increase in feed prices and the resulting impact of that is higher meet, poultry, dairy product. it's much higher too than people thought it would be. and the government with corn, soy beeps, meat, also. >> warner: and corn is also an essential ingredient, or corn derivatives in a lot of processed foods as well. >> it is. it's in quite a few things, everything from starches to toothpaste to cookies. it's in a number of products, so when you have a drop in production like this, it's going to spread throughout the food chain. >> warner: so give us an idea for people who are going to the grocery s

nixon beat george mcgovern for the presidency. >>> let's hud sell up around the water cooler to watch congressman ron paul fire up his supporters at an event a few miles from the republican national convention in tampa. the 77-year-old libertarian leader who's retiring after 12 terms in the house spoke to a crowd of nearly 10,000 people university at the university of south florida. he ran through his pitch for less government calling for the legalization of drugs and the closing of the federal reserve. congressman paul also railed against foreign intervention, suggesting did people listened to him the victims of 9/11 would still be alive. the three-time presidential candidate will not speak at this convention in part because he never fully endorsed mitt romney's candidacy. with that we look back at some of the ron paul highlights from this 2012 campaign. >> you would be the oldest president of the united states if you were elected. are you prepared to release your medical records so voters out there know what your health is? >> oh, obviously. because it's about one page, if even that long. but i'm willing to challenge any of t

ron paul. paul has been a champion of returning to the gold standard. president nixon dropped the u.s. off the gold standard back in 1971. take a look at price gold and you'll see right now $1607. big bump a couple of days ago. >> one of our guests looking for 1700. >> let's get a check on other markets. yesterday a big drop to the markets. down by 115 points for the dow and if you took a look at this the dow is down for four straight days. it has its first triple-digit drop since july 24th. it's indicated slightly higher for the futures, but, again, we are on track to snap a six week winning streak for the dow if we continue on. the dow, s&p are both poised for their worst week. oil prices are down 20 cents, 95.99. the ten year note right now yielding 1.646%. not a major move from where we were yesterday but certainly down, the yield down from where we had been earlier in the week. the dollar today if we want to take a look, the dollar is stronger across the board. dollar/yen is at 78.53 and the euro still sitting around 1.2529. >> one more point on the fed and markets here which is t