They couldn’t really give it to Hussein twice in a row, so they had to give it to somebody high up. Considering our fiscal situation, this is like giving CEO of the Year to a guy who ran his company into bankruptcy.
The person of the year isn’t really an “award” though, it’s just a publicity stunt issue that identifies the most newsworthy person of the year. Bernanke is a tool who screwed us for trillions, but he shaped the news more than anyone else. It’s a legitimate pick, given the Time’s selection criteria.
It’s not like it’s a “Best Person of the Year Award”