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article imageTIME Person of the Year: Ben Bernanke

By Gordon K. Chan     Dec 16, 2009 in World
Federal Reserve Chairman receives the nod from Time magazine for 2009 Person of the Year. Time editor refers to the Federal Reserve as "the most power, least understood government force shaping our lives."
President Obama, who was Time magazine's 2008 Person of the Year, credited the head of the central bank for having steered America from a second Great Depression.
In August 2009, the President described Bernanke as one who helped prevent an economic free fall and who "approached a financial system on verge of collapse with calm and wisdom, with bold action and out-of-the-box thinking". Bernanke was subsequently nominated for a second term as Chairman.
As reported from MSNBC, the Chairman took several important measures to help the economy weather the "perfect storm".
Holding a PhD in economics from MIT, Bernanke encouraged the economy to keep moving by bringing down a key lending rate to zero, and printed more currency. His tenure as Chairman was highlighted by a controversial move to rescue distressed private firms, whereby Bernanke offered "bailouts", using tax payer money to fund the effort.
Ben Bernanke, who served as Federal Governor from 2002 to 2005, replaced then Federal Chairman Alan Greenspan in 2006.
Others who were considered for Person of the Year were: Steve Jobs, Barack Obama, Gen. Stanley McChrystal, The Chinese Worker, Nancy Pelosi and Usain Bolt.
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