Illustration: Barry Blitt NYT
By Frank Rich The New York Times
As we say farewell to a dreadful year and decade, this much we can agree upon: The person of the year is not Ben Bernanke, no matter how insistently Time magazine tries to hype him into its pantheon. The Fed chairman was just as big a schnook as every other magical thinker in Washington and on Wall Street who believed that housing prices would go up in perpetuity to support an economy leveraged past the hilt. Unlike most of the others, it was Bernanke’s job to be ahead of the curve. Yet as recently as June of last year he could be found minimizing the possibility of a substantial economic downturn. And now we’re supposed to applaud him for putting his finger in the dike after disaster struck? This is defining American leadership down.
If there’s been a consistent narrative to this year and every other in this decade, it’s that most of us, Bernanke included, have been so easily bamboozled.
The men who played us for suckers, whether at Citigroup or Fannie Mae, at the White House or Ted Haggard’s megachurch, are the real movers and shakers of this century’s history so far. That’s why the obvious person of the year is Tiger Woods. His sham beatific image, questioned by almost no one until it collapsed, is nothing if not the farcical reductio ad absurdum of the decade’s flimflams, from the cancerous (the subprime mortgage) to the inane (balloon boy).
As of Friday, the Tiger saga had appeared on 20 consecutive New York Post covers. For The Post, his calamity has become as big a story as 9/11. And the paper may well have it right. We’ve rarely questioned our assumption that 9/11, “the day that changed everything,” was the decade’s defining event. But in retrospect it may not have been. A con like Tiger’s may be more typical of our time than a one-off domestic terrorist attack, however devastating.
Indeed, if we go back to late 2001, the most revealing news story may have been unfolding not in New York but Houston — the site of the Enron scandal. That energy company convinced financial titans, the press and countless investors that it was a business deity. It did so even though very few of its worshipers knew what its business was. Enron is the template for the decade of successful ruses that followed, Tiger’s included.
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