Time (December 28)
Federal Reserve Chairman Ben Bernanke was named Person of the Year. Time recognized Bernanke’s role in containing the financial crisis and preventing “an economic catastrophe.” Time does not believe Bernanke’s performance was flawless. Time is, however, convinced the financial crisis “would have been a lot worse” without aggressive action by Bernanke and the Federal Reserve.
Wall Street Journal (December 23)
The U.S. House of Representatives passed legislation which would strip Mood’s, S&P and other nationally recognized statistical ratings organizations (NSROs) of their special status. The WSJ urges the Senate to approve similar legislation. Among the paper’s complaints: the NSROs awarded triple-A ratings to questionable mortgage-backed securities. The newspaper points out the “consequences for investors were catastrophic.”
New York Times (December 22)
The New York Times urges Congress and President Obama to make jobs the top priority for 2010. Without new jobs, the economy may weaken. Without new jobs, the deficit cannot be fixed. With new jobs, the economy will strengthen, tax receipts will grow and the government will better be able to reduce the deficit.