Bernanke named Time's 'Person of the Year'

WASHINGTON, N.Y., Dec. 16 (UPI) -- U.S. Federal Reserve Chairman Ben Bernanke was named Time Magazine's Person of the Year Wednesday, Time editors announced.

Calling Bernanke "the most powerful nerd on the planet," the newsweekly's editors said the global financial crisis enabled the mild-mannered 56-year-old to "dramatically expand" the Fed's powers and reinvent it while taking controversial steps to avoid letting the crisis spiral from a recession into a full-blown second Great Depression.

"He didn't just reshape U.S. monetary policy; he led an effort to save the world economy," the magazine said, adding that "he is the most important player guiding the world's most important economy. His creative leadership helped ensure that 2009 was a period of weak recovery rather than catastrophic depression, and he still wields unrivaled power over our money, our jobs, our savings and our national future."

"We came very, very close to a depression ... The markets were in anaphylactic shock," Bernanke told Time. "I'm not happy with where we are, but it's a lot better than where we could be."

The magazine that said Bernanke's calm demeanor in the economic storm provided a much-needed anchor.

"Once Bernanke realized a disaster was unfolding, he made a conscious effort to project calm," it said.