Welcome to the commentary magazine daily podcast.

Today is Thursday, April 2, 2020. I'm John Pudhord. It's the editor of commentary with me as always.

Senior editor Abe Greenwald. Hello, Abe. Hello, John.

Senior writer Christine Rosen. Hi, Christine. Hi, John. And associate editor Noah Rossman. Hi, Noah. Hi, John.

So the body blow, the body blows keep coming. The 6.6 million people filed for unemployment insurance this week.

Double the number of last weeks, 3.3 million, which was the largest single number by a factor of six.

Then, so we got 10 million people filing for unemployment insurance in two weeks. We have shut the economy down.

I don't even know if there's anything much to say about this except that the pain is now really happening.

And fortunately, the relief bills, regulations are being released this week. Of course, a lot of it has to do with supplying $600 a week to people who are applying for unemployment across the country.

Nonetheless, what? The horrible news? Like, unimaginably horrible news?

Yep. There's really no silver lining. I was reading Goldman.

There's a lot of cautious optimism out there in the investor community.

The V-shape recovery seems to be a fantasy that's disappearing. But the U-shape recovery is still on the minds of a lot of investors.

Look, everything's there, all the ingredients for recovery are there. And this is all imposed on this economy.

And then it should be reversed rather quickly. But it just flies in the face of common sense.

We're probably at 10 million now who are out of work. A lot of people can't file for unemployment benefits.

And the relief that was passed is going to be woefully insufficient.

The small business loans, guidelines are only going out this week.

And there's some speculation that the flood of requests are going to overwhelm the system.

And it's not going to be sufficient. I saw some journalists today speculating that it would be on par with the disaster.

That was the initial Obamacare website rollout in 2013.

And who's hiring? If you're out there, you're out of work and you need to get new work.

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