Time Magazine has selected Federal Reserve Chairman Ben Bernanke as Person of the Year. In their words, “The story of the year was a weak economy that could have been much, much weaker. How the mild-mannered man who runs the Federal Reserve prevented an economic catastrophe.”. Time Magazine clearly raises the question — did Bernanke’s direct action prevent a greater economic meltdown?
Oregon Senator Jeff Merkley issued a press release where he disagreed with Time magazine saying Bernanke “failed to recognize or remedy the factors that paved the road to this dark and difficult recession. Following our economic collapse, it is also apparent that he has not changed his overall approach to prioritizing Wall Street over American families.”