|
Time names Ben Bernanke as Person of the Year
[Iran Press TV Latest] The US Federal Reserve chief Ben Bernanke has received a Time magazine accolade as the paper chose him as its "Person of the Year." Time chose Bernanke on Wednesday over House Speaker Nancy Pelosi, Gen. Stanley McChyrstal, "the Chinese Worker'' and many more. According to The Guardian the magazine named the softly spoken 56-year-old economist as "the most powerful nerd on the planet." Time said Bernanke deserved the much-coveted title above all others for revamping the US monetary policy and for protecting the economy against a complete collapse. "Bernanke, more than the others, really stood for what happened this year," said managing editor of Time, Richard Stengel. Bernanke, who has been reappointed by President Barack Obama to lead the Fed for another term, is a scholar of the Great Depression of the thirties. In his plan to save the melting US economy he avoided austerity as he believed it could backfire. He played a key role in devising the hefty $700 billion bailout plan to save the US banking system. Under his supervision, the Fed cut interest rates to around zero and by bringing in vast amounts of liquidity helped the economy to avoid a thorough fall. Posted by: Fred 2009-12-17 |
| http://www.rantburg.com/poparticle.php?ID=285798 |