Time magazine's famed Person of the Year honor for 2009 has gone to Federal Reserve Chairman Ben Bernanke, the publication announced this week.
In a letter to readers, Time's managing editor, Richard Stengel, explained the decision.
‘We do know what happened to the U.S. and world economies during the past year, and it wasn't pretty. We know the damage caused by the plague of subprime mortgages and the fallout from risky investment vehicles that bankers invented but did not understand, and we know that we ourselves probably borrowed and spent more than we should have," Stengel wrote. "What we don't know is what the economy and our lives would look like if a few individuals had not acted on our behalf and had simply sat on their hands. We don't know what didn't happen, but I'm convinced that the economy would look much, much worse.
To check out Time's Person of the Year coverage, including the rest of Stengel's letter, visit Time.com.
SOURCE: Time Magazine