Is Bernanke Really the 'Villain of the Year'?

This is a rush transcript from "On the Record," December 16, 2009. This copy may not be in its final form and may be updated.

GRETA VAN SUSTEREN, FOX NEWS HOST: And the "Person of the Year" is Federal Reserve Chairman Ben Bernanke, at least according to "Time" magazine. "Time's" managing editor released a statement on the choice, saying in part, "The recession was the story of the year, and without Ben Bernanke, it would have been worse.

Bernanke didn't just learn from history. He wrote it himself and he was damned if he was going to repeat it."

Good choice? Let's ask Steve Moore, a senior economics writer for "The Wall Street Journal's" editorial page. All Steve, you are not so wild about this choice, are you?

STEVE MOORE, "THE WALL STREET JOURNAL": Hi, Greta. By the way, I hear you were in third place this year, so congratulations, person of the year.


Look, I think that Ben Bernanke has done a lot to help us get out of this recession, although we are not out of the recession, as we talk about every night on this show. When you have 10 percent and the point, you are not out of the recession.

He may be the guy who helped get us out of the recession, but he is also the guy who helped get us into recession with easy money policies that helped to create the bubble in the first place. I think there is a growing consensus on that.

So he's solving the problem that he created, and Alan Greenspan before him, with the easy money and the huge volume, the trillions of dollars they popped into the economy.

VAN SUSTEREN: I am not sure what the criteria for this, whether it's the biggest news maker or who had the biggest impact, or whatever it is.

I will say that Senator Jim Bunning, a Republican from Kentucky who is not running again, was also particularly harsh. He said "If "Time" magazine is in the process of rewarding failure, Ben Bernanke is their man. He certainly has excelled at that." That's pretty rough.

MOORE: That is sort of my view, too. Maybe he is the villain of the year. Anyway, sorry, go ahead.

VAN SUSTEREN: Who would have been your choice?

MOORE: I have a couple of people in mind. First of all, how about the American taxpayer? If you want to talk about the people who gotten us out of this, it is the taxpayers who are paying the bills.

Second of all, the people you have interviewed over the year, what about the tea partiers? I think this may be the biggest story of all this year is the people who went into the streets and taken back their country. I call this the second American revolution, what is going on around the country.

This has been spontaneous combustion, the local leaders who allowed this to happen and really Americans taking back their country, it is a great, great story.

And thirdly, I want to throw out somebody like Rupert Murdoch or Roger Ailes. What you all have done at Fox in creating an incredible network where conservatives and taxpayers can go to get, as you say, fair and balanced news, it has been an amazing thing this year.

VAN SUSTEREN: I am not going to go there about those choices. I am not getting there that one.

It is fascinating how much we are interested in what "Time" magazine does. It is not exactly a scientific poll. We have more voters on a poll. We get 1,000 votes. Nevertheless, I read it every year. I am curious about who the "Time" magazine names. Are you curious who they name?

MOORE: This is an enormous prize. I think it's one of the things people wait for every year. I am a sports fan, and "Sports Illustrated" puts their sportsman of the year, that's a big thing, too.

Everyone who has won this, from Barack Obama is to Ronald Reagan and Bill and Melinda Gates, they are very creative. And Ben Bernanke is not a bad choice because he certainly was one of the most influential people of the year. I am just saying I am not sure he was one of the most successful.

And I'm not buying the idea that we're out of this recession when we have 15 million people who do not have jobs.

VAN SUSTEREN: Speaking of jobs, Steve Jobs would of been a good choice but what he did with Apple. Look at what he has done there.

I look the comeback stories. Look at Brett Favre and what he's been doing for the Minnesota Vikings. Maybe not a man of the year, but I think the concept of somebody who can comeback is always an inspiration to everybody.

MOORE: You know, your hero, Brett Favre, may be the sportsman of the year, because you are right, that has been an incredible story what he has done with the Minnesota Vikings, resurrecting his career.

And all of the old people like me are feeling so much younger because of what Brett Favre has done. How old is he, 41?

VAN SUSTEREN: He's 40. But anyway, I think a year from now if President Obama gets us out of this economic mess and gets unemployment down around seven percent or even eight, I think he will be next year's man of the year because we have to get out of this economic mess. He is either going to be the big hero or the big villain a year from now. Steve, thank you.

MOORE: Thank you, Greta.

Content and Programming Copyright 2009 FOX News Network, LLC. ALL RIGHTS RESERVED. Transcription Copyright 2009 CQ Transcriptions, LLC, which takes sole responsibility for the accuracy of the transcription. ALL RIGHTS RESERVED. No license is granted to the user of this material except for the user's personal or internal use and, in such case, only one copy may be printed, nor shall user use any material for commercial purposes or in any fashion that may infringe upon FOX News Network, LLC'S and CQ Transcriptions, LLC's copyrights or other proprietary rights or interests in the material. This is not a legal transcript for purposes of litigation.