U.S. President Barack Obama urged action on a $900 billion (615 billion pound) stimulus bill before Congress to stave off "catastrophe", as a surge in the number of new jobless benefit claims painted a picture of an economy in deep recession.

All around the world this Friday, investors are wringing their hands. The papers are full of the cause. More job losses. Slower growth. Bankruptcies. Debt. There. Don't you feel better now? Economists surveyed by the Wall Street Journal said things are going to get worse before they get better, but that they should start getting better around, oh, say, mid next year. "For the household sector, this will be the worst event we've had in the post-World War II period" says Bruce Kasman of J.P. Mo