Times Person of the Year

This morning, the first thing I heard when I got in the car was a report from NPR about Ben Bernanke being named as Time's Person of the Year. My immediate response was the same as when I had heard that Obama had been awarded the Nobel Peace Prize. "Really?"

As I sat, listening to the litany of blessings Mr. Bernanke has bestowed upon the whole of Western Civilization -- including navigating one of the most difficult financial eras in history. Okay, I'll admit that Poor Old Ben inherited something of a shit-storm, but in the same token, I don't think that the "landing" of this economy has been as well as it could have been. Moreover, the whole "bailout" is counter to everything we hold sacred as a free-market/enterprise society.

If I were the Bernanke, how would I have done it? From the bottom-up.

There are an estimated 308,000,000 people in America. Statistics have shown that only about a half of those are tax paying persons. So, if you took the $8.5 TRILLION dollars, and distributed it evenly among the 154,000,000 or so tax paying persons... we would have each received a check for $55k, roughly.

So, how is it that giving everyone a check for $55k would solve anything? Well, two points:
1) most people would be depositing that money into their bank accounts. This would bolster the balance sheets of the banks, thus fixing the "corporate paper market" issue.
2) most people would be spending that money straight-away. I don't think I'm unreasonable in speculating that a LOT of people would use said money for one of two purposes: to buy a home, or a car. Either of these would result in solving the problems with the housing and auto industries... except... not enough people would be buying American cars to sufficiently save GM and its various brands.

That brings me to the second half of my diatribe against Bernanke: government taking ownership of what was heretofore privately or publicly (as in stock-market, not Gov't) owned companies is just flat-out wrong. If the company sucks so bad that it can't survive without being on Federal Life-support, then it shouldn't be allowed to persist! Let it die and the void it leaves will be filled by new businesses that are better able to adapt to the changing world, provided that the niche left is genuine!

Long story short, Bernanke deserves the Person of the Year as much as Obama deserved the Nobel Peace Prize... not one damn bit. If you ask me, the Obama administration is using its media-savvy and clout to effectively buy these designations to bolster their image in the public eye and to gloss-over the fact that they have done basically nothing as we approach the one year anniversary of the administration.