That's when Man of the Year meant something. It should go to the person who most affected the fortunes of the world, for good or ill. Hitler deserved in in 1938, or possibly Chamberlain. Either Stalin or Hitler deserved in in 1939. The 1942 selection of Stalin was also a good call, although it was pure kowtowing to our new ally.
Time should have picked Bin Laden in 2001 for Person of the Year, but they chickened out and selected Guiliani. They no longer have the courage to make the correct, controversial picks.