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Federal Reserve chair Ben Bernanke has been named TIME magazine’s Person of the Year 2009, beating out Barack Obama, Nancy Pelosi and Usain Bolt.

TIME Managing Editor Richard Stengel called the Federal Reserve “the most powerful, least understood government force shaping our lives. Without Ben Bernanke, 2009 would have been a lot worse.”

Stengel went on to say, “He was the great scholar of the Depression who saw another depression coming, and did everything he could to stop it. He’s a controversial figure. He’s a Republican appointed by a Democratic president. It’s a really interesting combination of factors.”

Barack Obama was named TIME Person of the Year 2008 – see photo here.


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