Time Magazine named Federal Reserve Chairman Ben Bernanke its “Person of the Year” for 2009. Time is praising Bernanke as the man who saved the nation and the world from economic disaster and a second “Great Depression.”
Time’s Managing Editor, Richard Stengal explains the magazine’s decision in a letter, “To Our Readers: The Good Banker.
Kentucky Republican Senator Jim Bunning, a long time critic of Bernanke, released a harsh review of the Federal Reserve Chairman’s tenure.
“I find it ironic that a man who has spent the last year rewarding others for failure is now being named ‘Person of the Year’ for his failures. But if Time Magazine is in the business of rewarding failure, Ben Bernanke is their man -- he has certainly excelled at that.
“Under Chairman Bernanke’s watch America has suffered the greatest financial crisis since the Great Depression, in large part because of his support for the easy money policies of his predecessor Alan Greenspan. Many of the problems our markets are facing right now could have been avoided had Chairman Bernanke not been asleep at the switch. His willingness to turn the Federal Reserve into an arm of the Treasury Department and print money at a breath-taking rate will have my children and grandchildren paying off the debt for years to come. Chairman Bernanke is the definition of a moral hazard.”
Do you agree with Senator Bunning’s criticism? Who would you pick as “Person of the Year”? Let me know your thoughts.
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