  We compute the electronic structure, momentum resolved spectral function and
optical conductivity of the new superconductor LaO$_{1-x}$F$_x$FeAs within the
combination of the Density functional theory and the Dynamical Mean Field
Theory. We find that the compound in the normal state is a strongly correlated
metal and the parent compound is a bad metal at the verge of the metal
insulator transition. We argue that the superconductivity is not phonon
mediated.
