The chairman of the Federal Reserve, Ben Bernanke, was named Time magazine's Person of the Year on Wednesday. Time magazine selected Bernanke because the actions he and his fellow policy makers at the central bank took averted an even worse economic disaster. Bernanke has been hailed as the person who he led an effort to save the world economy.
Person of the Year (formerly Man of the Year) is an annual issue of the United States newsmagazine Time that features and profiles a man, woman, couple, group, idea, place, or machine that "for better or for worse, ...has done the most to influence the events of the year."
"He is not, in other words, a typical Beltway power broker. He's shy. He doesn't do the D.C. dinner-party circuit; he prefers to eat at home with his wife, who still makes him do the dishes and take out the trash. Then they do crosswords or read. Because Ben Bernanke is a nerd." -- Time Magazine
Ben Bernanke, 56, succeeded Alan Greenspan on February 1, 2006. He was nominated for a second term by President Barack Obama in 2009 as the 14th Chairman of the Federal Reserve.
Bernanke taught at the Stanford Graduate School of Business from 1979 until 1985, was a visiting professor at New York University and went on to become a tenured professor at Princeton University in the Department of Economics.
Dr. Bernanke served as a member of the Board of Governors of the Federal Reserve System from 2002 to 2005, and was Chairman of the President's Council of Economic Advisers, from June 2005 to January 2006. On February 1, 2006, he was appointed as a member of the Board for a fourteen-year term and to a four-year term as Chairman.
Bernanke's position as Chairman of the Federal Reserve has not been an easy road. Early on he was criticized for making public statements about Fed direction and the media for his outside the box thinking, but in the end, he has made many moves to steer the country's economy in the right direction.
“I understand why people are frustrated. I’m frustrated too,” Bernanke told TIME. “I’m not one of those people who look at this as some kind of video game. I come from Main Street, from a small town that’s really depressed. This is all very real to me.”
See TIME magazine's announcement on the TODAY Show of the Person of the Year here.
Written by Cheryl Phillips
HULIQ.com
sources: Time, CNN, MSNBC, TODAY
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