Mins won't get that high. Why do people think there are so many "experienced" pilots out there looking for job?
The majors furlough. *Most* regionals won't hire you unless you want to give up your seniority number (there are a few exceptions of course). So the majority of the major airline pilots will collect unemployment, and maybe do a side job while they wait to be recalled. They worked too hard to give up the seniority number.
The regionals furlough. Some of the regionals still have guys on furlough. But I think most of the regionals will have recalled all pilots by the end of the year. So most of those guys, as far as I can see, are waiting it out instead of doing the resume thing to all the other airlines.
My take is that the reason it is more competitive now is because so few regionals are hiring. But I think regionals will start hiring, one by one. ACA, ComAir, ASA, AirWilly, SkyWest, SkyWay, Eagle, etc. All these guys will have to hire soon, within the next year.
So be patient. Keep applying to any airline that will take your resume. Update them. In the meantime, build your time. Once the regionals start coming back to hire, you will be called.