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Time magazine has announced that a person of the year for 2009.
He -- twelve US presidents.
Two popes and even a computer or 1982 he also join such notorious -- as Hitler Stalin and the Ayatollah -- This year time has chosen Federal Reserve Chairman Ben Bernanke who certainly had an impact on the American people.
I can explain his controversial choice this controversial choice is time magazine's Michael Grunwald Michael you know.
Personally -- -- -- inaugural quick I think this is your worst choice since.
You know -- in 2006 you guys picked out though.
I'll do that will all of us I think I don't worry you don't -- -- -- -- what what does it -- to -- time magazine's person -- -- -- -- think.
You know this is this is not done for sex appeal.
I have death and clearly not selling out -- -- -- magazine.
-- I think the idea is Nathan and sums -- this is a franchise right.
And I think what we're doing here were saying that these -- serious times this is a serious guy the story of the year in 2009 it was this very weak economy.
That could have been much much weaker.
That Ben Bernanke not only is he in the center of that story.
And leading -- notes of the most important player in the world's most important.
Economy but he really epitomizes that story as somebody who -- grew up in small town his dad actually owned on the pharmacy on main street.
And that has become some this you know it suddenly he's kind of right Wall Street Danny Riley had to work.
There -- -- -- that where I think.
-- I take issue was the premise itself that things would be worse.
If he hadn't gotten involved I get that you you know you guys had a major impact I had even -- plug your choice -- it up choosing him because we do need to talk about the Federal Reserve but.
Why throughout the article you basically give him props for saving our economy I think he's doing my economy.
It's interesting I mean certainly we're very up front that that he missed it he didn't see it coming you call -- that we'll tell.
I believe let me -- would clean up at a time.
And because he was sent you know he sort of has an explanation.
-- some of them are legitimate institutional things that.
You know there was nobody who was responsible for sort of looking at the whole system you know the Fed was responsible for -- You know it is just city is on the Fed Bank of America's on the Fed AIG's Boone who would say you know there insurance company well yeah they were paying no attention -- actually.
But certainly he didn't understand the way the sub prime market could in -- the rest of the world.
He he missed it.
-- that said once that started you know it was really helpful to have a guy who music geek.
Who spent his entire life studying how the bankers of the 1930s -- central bankers how they blew it.
-- they were too passive how they thought that the thing to do -- to say no go ahead banks fail.
You know you deserve it and Brad and -- And they refused to extend the money supply out that that this guy did is he said we are going to do what ever it takes.
We're not gonna say we don't like you you screwed up -- on -- right well that's another debate now finally we do need to make -- system that in.
In the future.
These guys and I failed so that we don't need and Ben -- killed at the world and.
Limit that's -- -- dating.
Debating the -- -- the spending limit being increased therein lies global debate and also let's Cody was mentioning we debate this for ever.
On this show whether things would have been worse.
You know he's basically saying unemployment would have been 25% -- -- have been instead of 10% we will never know we'll never know but.
Just looking toward the future he is adamant that it will make things worse if we example take that TARP money that banks are paying back and -- out.
The deficit rather that using it to continue stimulating the economy.
Will he ever did he is sort of stayed out of that somewhat but this but we -- we have a pretty good sense of what would have happened you know if if lots of these banks have failed.
As one of them did.
Lehman Brothers did and the markets went -- -- this credit markets around the world grows up.
And that's when they went through -- you know -- suddenly then they're saving AIG the next day.
Imagine 2025 of those banks failing and then you would have had a cataclysm can't let you know when I thought well let me that's so that's not that you views that I dragged in I abstract before you say due in 2006.
How about instead of Bernanke.
About the taxpayer.
Off putting like you know the guy -- points taxes because frankly Bernanke couldn't -- wasn't it -- the taxpayer stepped up bailed out relaxed and they would have.
Is it that they came up with a they came up with TARP and granted -- you know it's an unpleasant and unpleasant thing that nobody likes to do so -- the bank Billiton talked go.
Protect taxpayers could be made whole follow get -- operandi is.
-- -- George drive that I.
How can any on little else having on the -- that's down below one -- of the -- to the let two trillion dollars in some of these were crazy -- that people want absolutely deserves a lot from NIC.
Did they've never done anything like it before the number 85% of it as a ready to -- -- we're getting wrap.
Finally I don't think there's a lot of money there's a lot of money -- -- that may not come back -- -- event like an all time.
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