PERSON OF THE YEAR, 2009-BEN BERNANKE
Federal Reserve Chairman Ben Bernanke was honored for his efforts to save the world economy from the crisis, because TIME magazine was selected him as the ‘2009 Person of the Year’. He gained this honor by defeating Gen. Stanley McChrystal, Barrack Obama, Nancy Pelosi, Usain Bolt, Steve Jobs and others. Bernank provided a calm and stability through the ongoing financial crisis with efforts to bail out banks and supply money into the troubled US economy.
BIOGRAPHY
Ben Bernanke was born on 13th December, 1953 in Augusta, Georgia as the son of a pharmacist and a school teacher. He gained his graduation in economics from Harvard University and got PhD in economics from the Massachusetts Institute of Technology. He worked as economic professor in various universities. He served the Federal Reserve System as several roles. He was a member of the Board of Governors of the Federal Reserve System, a visiting scholar at the Federal Reserve Banks and a member of the Academic Advisory Panel at the Federal Reserve Bank of New York. Currently, he holds the position of chairman of Federal Reserve. He was sworn as chairman and a member of the Board of Governors of the Federal Reserve System on February 1, 2006 and his four-year term as chairman will expire on 31st January, 2010. On August 2009, US president Barrack Obama nominated Ben Bernanke to a second term as chairman of the Federal Reserve. Earlier he had to suffer many difficulties in communicating with the media as the chairman of FRS. Bernanke’s background, temperament, courage and creativity helped to prevent another great depression in US. He had published many articles on a wide variety of economic issues, including monetary policy and macroeconomics, and he is the author of several scholarly books and two textbooks. He is married and has two children.