Why did Time Magazine name Federal Reserve chief and Depression scholar Ben Bernake Person of the Year 2009!
In what could be argued as a bold move, Time Magzine named Federal Reserve chief Ben Bernake Person of the Year 2009 because of the actions the depression scholar took to prevent another great depression. Bernake’s actions have been praised and criticized heavily, but the true impact (or lack theirof) of his decisions will never completely be known.
Many claim that perhaps he asked the United States government to spend too much money bailing out national banks, while others chided him for letting Lehman Brothers fail while buoying up the other banks. But while some believe that the best thing to do for an ailing economy is to simply let it correct itself and not let the government mettle, we are now beginning to see a potential future upswing in national and worldwide economic activity, a welcome change after the two years of unnerving freefall. It remains to be seen if these positive murmurs will turn into an economic recovery.
What do you think? Does Ben Bernake deserve this designated honor?
