i want to bring you dan alpert. -- in dan alpert. walk me through what you are seeing and why you think there is potential for severe shock. daniel: there is huge distortion pouring through the data as a result of the two major programs that were part of the care act, the payroll protection program and the additional federal supplement unemployment benefits. the problem with payroll protection program is it resulted during the course of may in a significant amount of re-payolling -- of rolling. we will likely see a continuation of those levels in june. although we have been seeing it stubbornly high, the number of in the employment claims -- the number of unemployment claims, which indicates people are still being laid off. the construct of the paycheck protection program eventually runs out. it runs out a lot sooner than the money for the federal unemployment benefit supplement, which runs out at the end of july. i think july will be a pivotal month when it comes to job count. june it, it is anyone's guess. alpert, the age of oversu

let's bring in dan alpert, westwood capital managing partner. el: this is moving into a full on financial crisis and perhaps a depression. there are things that the cares package pride to act package try to do for households, which i think worked quite well. i see lots of people at restaurants eating outside, and many of them probably lost their jobs and they are getting $600 a week in extra income supplements , so that works. but the last part was stabilizing businesses so that they would be around to reemploy people when this crisis was over. on that side, we have really come up against a wall. the ppp money that was sent out has basically been spent, and we are seeing high volumes of layoffs from businesses large and small. it only covered eight weeks of payroll, so we saw a decline in unemployment during that period, largely fueled by that ppp money, much of it which went to employees who were not actually called back to work. tom: we are going to get to the age of oversupply in a minute. let's stay on american jobs right now. 13 of your cla