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Time Magazine names Person of the Year

Fed Chairman Ben Bernanke named this morning as Time’s Person of the Year.

From the Los Angeles Times:


I ask you to think about this for a little bit.  Does Bernanke deserve this “honor”…and I put honor in quotes for a reason.  Remember, Adolf Hitler was Man of the Year in 1938, Josef Stalin in 1939 and 1942 and Barack Obama in 2008.  So, “honor” is not really the right term.

So, what about Bernanke?  Is he the Person of the Year for 2009?

Interesting choice, if nothing else.  He has certainly been under the microscope.  Some blame him for the current economic woes.  Others credit him for helping things out, or at least not making things worse.

I will say this for Ben Bernanke.  He has taken his share of criticism and maintained a level of dignity.  Anyone with a basic understanding of what has happened with our economy knows that a lot of the blame should be placed on Alan Greenspan.  He set this table, he blew up the bubble and when it blew up, the sticky mess landed on Bernanke and others (like you and me) because Greenspan spit the gum out.

But what I like best about Bernanke is this.  He has never blamed things overtly on his predecessor.  He has shared the blame and taken a lot of it.  And he should.  But by NOT pointing fingers at this predecessor, he has earned the respect of many, me included.

Which is why many do not respect the current occupant of 1600 Pennsylvania Avenue.  I wonder if he will EVER man up.


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