Readers, please understand that the official unemployment figures are rigged for political purposes, so the actual figures will be even higher. This whole situation is getting ready to explode. Combine this with the abject stupidity of both the Tea Party corporate brown shirts and the BHO administration, and we are describing an explosive situation. Tadit Anderson

Readers, I am gratified in a way that this high level hedge fund manager is seeing the same dire prospects. My prediction is that a stampede out of the market will cause a large drop in the rest of the economy. The major point being that the economy has not and is showing no evidence of any recovery either in the pipline, so to speak, or even in the sweet bye and by. The November election results as well as the triply grim prospect for retail trade toward xmas could easily set the phony speculative economy to drop greatly in volume and price levels.

Reader, doing the simple math the FDIC is ahead of last year's rate already. Given that the economy is very like to take a sharp turn for the worse this fall and that there are many banks effectively waiting their turn at FDIC staff scrutiny, the number is likely to reach 200, in my opinion. The Wall Street zombie banks are another category entirely, and probably won't survive even having the losses that they have parked off of their accounting statements come home to roost. The next 8 months is likely to be very bumpy.

Readers, at this point the advice is a missed opportunity, but it explains the reasons why Bernake should not have been reappointed and what we are likely to have in the way of US Federal Reserve behavior for quite some time. It is basically bad news and a piece of insanity in the notion of attempting to use the same "solutions" to a massive problem over and over again, without really much regard to the real world performance.

CHICAGO (Reuters) - The U.S. economic recession has taken a particularly heavy toll on young Americans, with a record one out five black men aged 20 to 24 neither working nor in school, according to research released on Tuesday. Teenagers have found it significantly harder to get a job since the recession began in late 2007, with black youths and young people from low-income families faring the worst, wrote Andrew Sum of Northeastern University in Boston, a employment researcher commissioned by the Chicago Urban League and the Alternative Schools Network.