Ben Bernanke man of the year 2009

Time Magazine Yesterday announced that they have choosen Ben Shalom Bernanke as "Person of the Year 2009". It's of cause a great honour and I don't want to discredit him of the honour, but being on the cover of the Time Magazine normally happens right at the peak. Remember when President Putin was choosen as Man of the Year in 2007 his fame was right at the peak.

In the article following the announcment Time Magazine states

"Professor Bernanke of Princeton was a leading scholar of the Great Depression. He knew how the passive Fed of the 1930s helped create the calamity — through its stubborn refusal to expand the money supply and its tragic lack of imagination and experimentation. Chairman Bernanke of Washington was determined not to be the Fed chairman who presided over Depression 2.0. So when turbulence in U.S. housing markets metastasized into the worst global financial crisis in more than 75 years, he conjured up trillions of new dollars and blasted them into the economy; engineered massive public rescues of failing private companies; ratcheted down interest rates to zero; lent to mutual funds, hedge funds, foreign banks, investment banks, manufacturers, insurers and other borrowers who had never dreamed of receiving Fed cash; jump-started stalled credit markets in everything from car loans to corporate paper; revolutionized housing finance with a breathtaking shopping spree for mortgage bonds; blew up the Fed's balance sheet to three times its previous size; and generally transformed the staid arena of central banking into a stage for desperate improvisation. He didn't just reshape U.S. monetary policy; he led an effort to save the world economy".

I don't like the last sentence "He led an effort to save the world economy". We really don't know what he and all the other central bankers has done yet. We don't know if they have "saved" the economy or if they have just postpone the effects of crises created from the credit contraction.
In regards to the Great Depression in the 1930s we should not forget that FED at that time worked under a Gold Standard, which limited their possible ability to act the way FED can today under a floating currency system.

One should also remember that the collapse of the stock market in 1929 didn't cause the Great Depression. The hard time first really began as the "Dust Bowl" forced most of the workers in the agriculture sector to try find jobs in other sectores. In the 1930s about 40% of the economy was agricultural based and the Industrial Revolution had left behind workers from the agicultural sector. Which really sent unemployment into the sky.

So one of my greatest fears is, that governments and centralbankers in their wisdom to save the world, have created even bigger trouble ahead, and choosing Ben Bernanke as man of the year 2009, will expose the fallacy.

Depressions just don't end within a year or two they last for more than 20 years
(23-26 years), therefore they should be carefull whom they give the credit and why...