Federal Reserve Chair Ben Bernanke has been named Time magazine's person of the year.Bernanke probably should have won the award last year. In normal times he would have, but there's something about the country electing its first black president that overshadowed the guy who kept us out of Depression 2.0.
I've said it before, but I'll say it again: Appointing Bernanke is the single, best decision of the Bush presidency. As bad as our current situation is there are soooo many ways it could be worse. Rather than being an object of ridicule (as he seems to be in the senate where he is up for reconfirmation) he should be the subject of praise and adulation.
In September 2008 - when the world's credit markets went into a sudden freeze - I don't think many Americans appreciate how that could have been the end of the world as we knew it. Europe faltered in its reaction. Only the US Federal Reserve and, shockingly, Paulsen as Bush's Treasury Secretary responded quick enough to avert a catastrophe.
It's easy to think anyone in their position would have done the same... but again, look to Europe. With the same information they chose not to act until much later. Also, he ignored many on the Fed's governing board who made recommendations that would have made things worse.
All Hail Ben Bernanke!
Or something like that.
Frontline has a great documentary about all the behind the scenes work done by Bernanke to avert the catastrophe. I forget the name, but it is very good and worth watching. As a side note, Nova and Frontline are, on a regular basis, two of the best programs on television. Allen.
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