Bernanke's the Man (of the Year)?

Bernanke's often credited with saving the day in the face of economic crisis, but his policies draw plenty of criticism, too. Many citizens view the "rescues" he orchestrated for bailed-out banks as a big fat benefit for the bankers themselves. Executives at taxpayer-funded businesses such as AIG (NYSE: AIG), Bank of America (NYSE: BAC), and Citigroup (NYSE: C) didn't help their case by loudly grousing about government limits on their salaries and bonuses. You'd think they honestly couldn't understand why citizens might balk at footing the bill for their lavish compensation packages.

In addition, the Fed's exit strategy from its interventions remains unclear, and its decision to print more and more money in hopes of pumping up our economy could send inflation soaring. Many critics even lay a significant share of bubble blame at the Fed's doorstep to begin with. In that light, by naming Bernanke "Person of the Year," Time seems to have invited a whole bushel of controversy and questions.

I rarely agree with economist and New York Times columnist Paul Krugman, but his post on the issue today was both funny and a little creepy. "Be afraid, be very afraid" of Bernanke's honor, he wrote, citing the so-called Time "cover curse." Apparently, being named Person of the Year can often prove, uh, a bit of a contrarian indicator.

© 2009 UCLICK, L.L.C.