Write it down, store it away and let's take a look at it next year. Federal Reserve chairman Ben Bernanke says the US recession could end in 2009 and recover in 2010. That, of course, is assuming that the White House's latest bail-out will unblock lending to households and businesses.

in a nice two-step routine, Barack Obama has come out saying that America will rebuild and recover. The rhetoric is brilliant, but does it stack up? Consider some of his claims:

"We have launched a housing plan that will help responsible families facing the threat of foreclosure lower their monthly payments and re-finance their mortgages. It's a plan that won't help speculators or that neighbor down the street who bought a house he could never hope to afford, but it will help millions of Americans who are struggling with declining home values - Americans who will now be able to take advantage of the lower interest rates that this plan has already helped bring about."

Sounds great. But so far, we have seen no indication that the money will only go to those who really deserve it.

"Tonight, I am grateful that this Congress delivered, and pleased to say that the American Recovery and Reinvestment Act is now law. Over the next two years, this plan will save or create 3.5 million jobs. More than 90% of these jobs will be in the private sector - jobs rebuilding our roads and bridges; constructing wind turbines and solar panels; laying broadband and expanding mass transit."

Trouble is how do we know how many other jobs are going to be lost? This package is fine, but it doesn't track the jobs that might be saved.

Some economists say the global economy might pick up a bit this year, with all the stimulus packages coming through. But no-one knows how sustainable that is. Even if things do improve, there is every chance it will slip back towards the end of the year.

Then we had Bernanke's extraordinary comments that the US government is not seeking outright control of the banks. No sir, he says, it's not nationalization, it's a partnership. So there's heavy government ownership, but it's not nationalization when it's not 100%.

Bernanke is just playing with words which is why the list of people pushing for nationalization, published in the Barry Ritholtz Big Picture blog, is growing. It includes Alan Greenspan, Nouriel Roubini, Nancy Pelosi, and Paul Krugman.

One thing for sure: even if you dress nationalization up as a partnership, it's going to cost a lot of money.