Any kind of disruption or slow movement has a dampening effect on commodities.

We are 15 years away from the peak ... The last (commodities cycle) peak was in 1975 ... Since then the system has mostly been consumer and technology driven.

It's going to cost the average household $600 more a year just to put gas in their car. Ticket prices for things at Wal-Mart and Target. Ticket prices for airplanes. Ticket prices for just about everything are going to go up.

Our incomes have risen a lot faster than pricing.

They (commodities) are more and more in vogue. This cycle....is 15 years away from the peak. We should no longer think of the world as emerged or emerging, we should think 'has it commodities or not'.

It did kind of get out of control really quick. We were trying to get control back and slow it down and make sure we made the right decision, but in the end we weren't able to do that.