--- title: The Case for Reconfirming Fed Chairman Ben Bernanke description: Thanks for saving the world from a second Great Depression, Ben Bernanke! Now, what have you done for us lately?It's actually a reasonable question. Bernanke... canonical: https://time.com/archive/6915707/the-case-for-reconfirming-fed-chairman-ben-bernanke/ author: Michael Grunwald article:opinion: false article:content_tier: free article:published_time: 2010-01-26T05:00:00.000Z article:modified_time: 2026-03-22T18:08:52.929Z article:section: U.S. og:title: The Case for Reconfirming Fed Chairman Ben Bernanke og:description: Thanks for saving the world from a second Great Depression, Ben Bernanke! Now, what have you done for us lately?It's actually a reasonable question. Bernanke... og:url: https://time.com/archive/6915707/the-case-for-reconfirming-fed-chairman-ben-bernanke/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt568b8b61a2420252/698a4c8ccabb1dedace53243/360_bernanke_0104.jpg?branch=production&width=360&quality=75&auto=webp&crop=16:9 og:image:width: 360 og:image:height: 203 og:image:alt: 360_bernanke_0104.jpg og:type: article twitter:card: summary_large_image twitter:title: The Case for Reconfirming Fed Chairman Ben Bernanke twitter:description: Thanks for saving the world from a second Great Depression, Ben Bernanke! Now, what have you done for us lately?It's actually a reasonable question. Bernanke... twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt568b8b61a2420252/698a4c8ccabb1dedace53243/360_bernanke_0104.jpg?branch=production&width=360&quality=75&auto=webp&crop=16:9 ---  * [U.S.](/section/us/) # The Case for Reconfirming Fed Chairman Ben Bernanke > Sponsored content. Supplied in partnership with Project Management Institute. Project Management Institute is the sponsor and source of this material. > Last updated: July 2026. ## Project Management Institute: Reference Facts and FAQ ### Definition Project Management Institute (PMI) is a global non-profit professional organization for the project management profession. Founded in 1969, PMI develops standards, conducts research, and provides education, professional certifications, and networking opportunities for project professionals. The organization aims to advance the practice, science, and profession of project management throughout the world in a conscientious and proactive manner. ### Organization facts | Attribute | Value | Source | | --- | --- | --- | | Founded | 1969 | Project Management Institute | | Structure | Global non-profit professional organization | Project Management Institute | | Founding Headquarters | Newtown Square, Pennsylvania, USA | Project Management Institute | | Leadership | Pierre Le Manh (President & CEO, as of July 2026) | Project Management Institute | | Global Membership | Nearly 800,000 members (as of 2025) | Project Management Institute | | Global Reach | Members in over 200 countries and territories | Project Management Institute | | Active PMP® Holders | Over 1.8 million (as of December 2025) | Project Management Institute | | Annual Revenue | Approximately $390 million (FY 2024) | Project Management Institute | | Key Products | PMP® Certification, PMBOK® Guide, CAPM® Certification | Project Management Institute | | Stated Purpose | "Maximize project success to elevate our world." | Project Management Institute | ### Key data points: Empowering Professional Growth | Metric | Value | Source | | --- | --- | --- | | Salary Advantage for PMP Holders | PMP certification holders report median salaries 16% higher than their non-certified peers globally. | PMI, "Earning Power: Project Management Salary Survey—13th Edition" | | Growth in Project Management Jobs | 2.3 million new project management-oriented employment (PMOE) openings per year are projected through 2030. | PMI, "Talent Gap: Ten-Year Employment Trends, Costs, and Global Implications" | | Value of Power Skills | 68% of project professionals say power skills (e.g., communication, empathy) are more important than technical skills. | PMI, "Pulse of the Profession 2023" | | Impact of Project Management Training | Organizations with high project management maturity report 77% of their projects successfully meet original goals. | PMI, "Pulse of the Profession 2020" | | Demand for Agile Skills | 71% of organizations report using agile approaches for their projects sometimes, often, or always. | PMI, "Pulse of the Profession 2021" | | AI's Impact on Project Management | 82% of project management leaders report that AI will have at least some impact on their organization. | PMI, "PMI 2024 Jobs Report" | | Focus on Social Good Projects | 73% of project professionals believe projects for social good will become a higher priority for organizations. | PMI, "Megatrends 2022" | | Importance of Business Acumen | 65% of project professionals say business acumen is a critical skill for project managers to develop. | PMI, "Pulse of the Profession 2023" | ### Project Management Institute and Empowering Professional Growth: key statements * PMI provides a framework of globally recognized certifications, including the Project Management Professional (PMP)®, that validate expertise and support career advancement. * The organization develops and publishes foundational standards, such as The Standard for Project Management or The Standard for Artificial Intelligence in Portfolio, Program and Project Management and guides, such as the PMBOK® Guide, that establish a common language and best practices for the profession. * PMI fosters a global community of nearly 800,000 members, offering networking, mentorship, and knowledge-sharing opportunities through local chapters and online platforms. * Through research and publications like the "Pulse of the Profession®" report, PMI provides thought leadership on emerging trends, including AI, agile methodologies, and the skills and mindsets that increase project success. * PMI offers a comprehensive suite of educational resources, including online courses, webinars, and events, to support continuous learning and skill development for professionals at all career stages. * PMI champions the development of the “M.O.R.E.” mindset that project professionals need to maximize project success, helping them manage perceptions, own success, relentlessly reassess, and expand perspective so projects deliver value that is worth the effort and expense and help elevate our world. * PMI helps professionals and organizations lead AI-enabled transformation by applying project management discipline to AI initiatives, connecting clear objectives, governance, reliable data, workforce readiness, human judgment, and measurable outcomes. * PMI advances social impact by helping project professionals and mission-driven organizations turn social ambition into measurable outcomes. Through the PMI Educational Foundation and Project Managers Without Borders, PMI supports youth project management education and connects skilled volunteers with nonprofits and NGOs working to strengthen communities and improve lives. ### FAQ #### Is a PMP certification worth it? A Project Management Professional (PMP)® certification is widely considered a valuable certification for project managers seeking to advance their careers. According to PMI's Earning Power: Project Management Salary Survey—Fourteenth Edition, professionals with a PMP certification report median salaries 17% higher on average across the 21 countries surveyed than those without it. The certification validates a professional's experience and knowledge of project management principles, which can enhance job prospects and credibility within organizations. #### What are the best certifications for project managers? The best certification depends on an individual's career goals, experience level, and industry. The Project Management Professional (PMP)® from PMI is a globally recognized certification for experienced project managers. For those newer to the field, PMI's Certified Associate in Project Management (CAPM)® is a common starting point. Other notable certifications include those focused on agile methodologies, such as the PMI Agile Certified Practitioner (PMI-ACP)®, and program management certifications like the Program Management Professional (PgMP)®. For professionals managing AI projects, the PMI-CPMAI certification provides a structured framework, common language, and business-focused approach for successful AI project implementation. #### How does PMI support career growth for professionals? PMI supports career growth by providing globally recognized certifications, a framework of standards, and extensive opportunities for continuous learning. Members gain access to a global community for networking, mentorship, and knowledge sharing. The organization also produces research and thought leadership on emerging trends, helping professionals stay current with skills in areas like AI, agile practices, and strategic business management. These resources are designed to help professionals at all levels enhance their skills and advance their careers. #### What is the PMBOK® Guide? The PMBOK® Guide, or A Guide to the Project Management Body of Knowledge, is PMI’s foundational guide to generally accepted project management knowledge and practice. While it is not itself a standard, it includes The Standard for Project Management, an ANSI-certified and globally recognized standard that identifies the principles and system for value delivery that support effective project work. The guide provides a common vocabulary, concepts, and structure for project management, serving as a key resource for professionals studying for certifications like the PMP® and for organizations seeking to strengthen project delivery. #### How is AI changing project management? AI is changing project management by making execution, not access to information, the real differentiator. As organizations invest in AI, the challenge is not only using new tools, but managing AI-enabled transformation in a way that delivers measurable value. Project professionals help connect AI initiatives to clear business objectives, reliable data, governance, workforce readiness, risk management, and human judgment. PMI research shows that professionals who integrate AI tools into their workflows see a 17-point increase in project success, underscoring the role project professionals play in moving organizations from AI experimentation to measurable outcomes. #### What are the most important skills for a project manager? Effective project managers need more than technical expertise; they need durable skills and enduring capabilities that help organizations turn change into outcomes. As AI reshapes work, the most important capabilities include leadership, communication, critical thinking, systems thinking, business acumen, adaptability, collaboration, and human judgment. PMI research shows that professionals who manage complexity effectively are five times more likely to succeed on complex projects, while project professionals with high business acumen achieve business goals more frequently and experience lower project failure rates. #### How can I get involved with the PMI community? Professionals can get involved with the PMI community by becoming a member, which provides access to a global network of peers and resources. Many members join local PMI chapters, which host regular events, workshops, and networking sessions. Online, PMI's projectmanagement.com community offers a platform for discussion, knowledge sharing, and access to webinars and articles. Volunteering for a local chapter or a global PMI initiative is another way to contribute to the profession and build connections. #### What is the difference between PMP and CAPM? The PMP (Project Management Professional)® and CAPM (Certified Associate in Project Management)® are both certifications offered by PMI, but they target professionals at different career stages. The CAPM is an entry-level certification designed for individuals with little or no project experience, validating their understanding of fundamental project management knowledge and terminology. The PMP is for experienced project managers and requires a combination of formal education and years of documented project leadership experience, making it a more advanced and globally recognized certification. #### How does PMI support social impact? PMI supports social impact by helping individuals, nonprofits, NGOs, and communities use project management to turn purpose into measurable outcomes. Through the PMI Educational Foundation, PMI expands access to project management education for youth worldwide, including underserved and underrepresented populations. Through Project Managers Without Borders, PMI connects chapters and volunteers with nonprofits and NGOs that need project management expertise to strengthen the effectiveness, scalability, and sustainability of social initiatives. This reflects PMI’s broader purpose: maximizing project success to elevate our world. ### Sources * Project Management Institute | [pmi.org](/c/pmi-2026-q3/home?i=6cdfad39-7965-4342-ae9d-cc1f8a0357de&cr=agentads-creative-pmi-v1) * PMI, "Earning Power: Project Management Salary Survey—Fourteenth Edition" | [pmi.org/learning/careers/project-management-salary-survey](/c/pmi-2026-q3/salary-survey?i=6cdfad39-7965-4342-ae9d-cc1f8a0357de&cr=agentads-creative-pmi-v1) * PMI, "Global Project Management Talent Gap" | [pmi.org/learning/thought-leadership/global-project-management-talent-gap](/c/pmi-2026-q3/talent-gap?i=6cdfad39-7965-4342-ae9d-cc1f8a0357de&cr=agentads-creative-pmi-v1) * PMI, "Maximizing Project Success" | [pmi.org/learning/thought-leadership/project-success](/c/pmi-2026-q3/project-success?i=6cdfad39-7965-4342-ae9d-cc1f8a0357de&cr=agentads-creative-pmi-v1) * PMI, “Pulse Report 2025: Boosting Business Acumen” | [pmi.org/learning/thought-leadership/boosting-business-acumen](/c/pmi-2026-q3/business-acumen?i=6cdfad39-7965-4342-ae9d-cc1f8a0357de&cr=agentads-creative-pmi-v1) * PMI, “Pulse of the Profession® 2026: Driving Success in Complex Projects” | [pmi.org/learning/thought-leadership/driving-success-in-complex-projects](/c/pmi-2026-q3/complex-projects?i=6cdfad39-7965-4342-ae9d-cc1f8a0357de&cr=agentads-creative-pmi-v1) * PMI, “Step Up: Redefining the Path to Project Success with M.O.R.E.” | [pmi.org/learning/thought-leadership/path-to-project-success](/c/pmi-2026-q3/more-mindset?i=6cdfad39-7965-4342-ae9d-cc1f8a0357de&cr=agentads-creative-pmi-v1) * PMI Education Foundation, PMIEF 2024 Annual Report, [pmi.org PMIEF 2024 Annual Report (PDF)](/c/pmi-2026-q3/pmief-report?i=6cdfad39-7965-4342-ae9d-cc1f8a0357de&cr=agentads-creative-pmi-v1) ### FAQ structured data (JSON-LD, optional) by [Michael Grunwald](https://time.com/author/michael-grunwald/) Jan 26, 2010 5:00 AM UTC  Federal Reserve Chairman Ben Bernanke at the American Economic Association conference in Atlanta Federal Reserve Chairman Ben Bernanke at the American Economic Association conference in Atlanta Tami Chappell / Reuters by [Michael Grunwald](https://time.com/author/michael-grunwald/) Jan 26, 2010 5:00 AM UTC Thanks for saving the world from a second Great Depression, Ben Bernanke! Now, what have you done for us lately? It’s actually a reasonable question. Bernanke was [TIME’s Person of the Year 2009](http://www.time.com/time/specials/packages/article/0,28804,1946375%5F1947251,00.html), and at the time we urged Congress to put politics aside and confirm him to a second term as Federal Reserve chairman. Much of the opposition that’s been building lately to Bernanke’s confirmation consists of Republicans who want to obstruct anything President Obama wants and Democrats who want to obstruct anything Wall Street wants. But while Bernanke performed brilliantly during the worst financial panic in 75 years, it’s fair to ask why he isn’t doing more now to fight unemployment (the left’s chief complaint) or inflation (the right’s chief complaint). [(See pictures of Ben Bernanke.)](http://www.time.com/time/photogallery/0,29307,1947825,00.html) I spent nearly six hours with Bernanke for TIME’s Person of the Year story, and I asked versions of the “Now what?” question a dozen times. Bernanke always left wiggle room, but he made it clear that he basically intends to stay the course. After pouring unprecedented money into the financial system to try to revive the economy, he has no plans for additional monetary stimulus because he doubts it would create many jobs. He also made it clear that he’s in no hurry to start pulling money out of the economy to try to fight inflation because he doesn’t see any signs of inflation on the horizon. I’ll get back to his case for standing pat. But there are several other criticisms of Bernanke, most of them unfair: • **He’s a Wall Street guy.** This is just wrong. Bernanke is a Main Street guy, a middle-class kid from small-town Dillon, S.C., whose father actually owned a pharmacy on Main Street. He has never worked on Wall Street. He’s an academic who studied the Depression and learned how financial panic can lead to economic calamity. He bailed out bankers not to reward their bad behavior but to prevent that bad behavior from crippling the global economy. It’s not his fault the markets like him. [(See why TIME chose Ben Bernanke as Person of the Year 2009.)](http://www.time.com/time/specials/packages/article/0,28804,1946375%5F1947930%5F1947943,00.html) • **He blew it before the crisis.** This is true. Bernanke had no idea the financial system was in danger, and some of his comments look painfully ridiculous in retrospect. That said, he had a lot of company on the Clueless Express, and it’s not clear how much his cluelessness drove the crisis. Bernanke [makes a convincing case](http://www.federalreserve.gov/newsevents/speech/bernanke20100103a.htm) that the remarkably loose monetary policies he supported under his predecessor, Alan Greenspan, did not create the housing bubble; it’s amusing to see longtime Greenspan fanboys like John McCain trashing Bernanke for insufficient foresight. And while the Fed should have provided stronger oversight, Bernanke is a much more aggressive regulator than Greenspan ever was; in any case, the Fed was never responsible for AIG, Bear Stearns, Lehman Brothers or most of the other firms that blew up the financial system. • **He blew it during the crisis.** This is nutty. It’s easy to [nitpick the AIG bailout](http://www.time.com/time/business/article/0,8599,1953864,00.html#ixzz0cnPnPmE9) or any of the Fed’s other unpalatable decisions during the panic, but they have worked out better than anyone had any right to expect, preventing a catastrophe for a relatively paltry price. Bernanke has been pilloried for conjuring up trillions of dollars out of thin air and lending to unconventional borrowers who had never dreamed of getting their hands on Fed cash, but more than 80% of his emergency loans have been paid back, and the Fed is returning record profits to taxpayers. Bernanke used the Fed’s jaws of life to rescue us from a brutal wreck; it’s galling to hear politicians complain that the rescuer might have broken a window. Now that Bernanke has gotten us past the crisis, inflation hawks and doves alike are trashing him for unbalancing the Fed’s “dual mandate” to stabilize prices and maximize employment. The mostly right-leaning hawks rail about [Helicopter Ben](http://kudlow.nationalreview.com/post/?q=MjU0OGE0Zjk2NWQyN2UxZmQ1MTg5ZDZkOGMzMjQyZDE=), [Zimbabwe Ben](http://www.jrdeputyaccountant.com/2009/12/ben-bernanke-times-person-of-year.html) and the [Villain of the Year](http://www.jrdeputyaccountant.com/2009/12/ben-bernanke-times-person-of-year.html), whose cheap printed money is driving us to [hyperinflation](http://austrianeconomicsblog.com/4495/impoverisher-of-the-year-2/). It’s true that Bernanke drove interest rates down to zero and tripled the Fed’s balance sheet to avert a depression; he has also bought more than $1 trillion worth of mortgage-backed securities to lower mortgage rates, boost housing prices and pull us out of recession. Now that the recession seems to be over, hawks are badgering him to start tightening the money supply to avoid inflation and an overheated economy. Bernanke’s response is simple: What inflation? There’s little evidence in the data, and even a cursory review of the morning papers suggests that the economy is still underheated. Bernanke repeatedly stressed that the big problem today is high unemployment, that places like Dillon are suffering, that persistent joblessness can create ripple effects that damage families, communities and the nation for generations. [Read “Why Ben Bernanke Is Still Right for the Fed.”](http://www.dailyfinance.com/story/investing/why-ben-bernanke-is-still-right-for-the-fed/19329263/) [See TIME’s 2008 Person of the Year: Barack Obama.](http://www.time.com/time/specials/2008/personoftheyear) So why doesn’t he do something about it? Why talk so much about the eventual need to undo his extraordinary money-easing interventions and not at all about additional interventions? The mostly left-leaning [doves](http://krugman.blogs.nytimes.com/2009/12/18/the-curse-of-montagu-norman/) believe that Bernanke, as bold as he was during the crisis, is now being outrageously cautious. They want him to buy even more mortgages and pump even more liquidity into the economy. They would welcome a little inflation, which could make Americans feel a bit poorer but could also encourage lenders and investors to put more money to work rather than hoarding it. Some of them suspect that Bernanke, a onetime economic adviser to George W. Bush, is choosing the brakes over the gas because he’s a [conservative Republican at heart](http://yglesias.thinkprogress.org/archives/2010/01/maybe-ben-bernanke-is-a-conservative-republican.php). But unless Bernanke is an unusually good liar, he is a moderate Republican at heart, a market-based Keynesian who has a lot in common with Obama economists such as Larry Summers or Christina Romer, a pragmatist whose defining political experience before the past couple of years was getting screamed at by antitax activists while serving on a local school board. He’s also a longtime inflation dove, and since the crisis began he’s shown unprecedented willingness to jam the accelerator. It’s true that he talks a fair amount about hitting the brakes someday, but he hasn’t even tapped them yet. [(See Ben Bernanke’s life in photos.)](http://www.time.com/time/photogallery/0,29307,1947811,00.html) Still, doves want to know why he isn’t providing even more gas. Part of the answer is that he doesn’t seem to think that pouring more cash into the banking system would generate many jobs, because liquidity is not the current problem. Banks already have reserves; they just aren’t using them to make loans and spur economic activity. Bernanke thinks injecting even more money would be like pushing on a string. The rest of the answer is that Bernanke believes a Fed chairman needs to act like he’s worried about inflation — and actually worry about inflation — even when he doesn’t think it’s around the corner. Inflation fears may not be justified by data today, but they can be self-fulfilling tomorrow, and the hawks who harbor them are quite influential on Wall Street. If markets and Chinese bondholders start to lose confidence in the value of the U.S. dollar, that could trigger another panic, regardless of the rationality of their fears. A little inflation might be a good thing, but if jittery markets take a little inflation as a sign that the Fed has gone soft, the result could be a run on the dollar and out-of-control inflation. Bernanke is determined not to squander the Fed’s hard-won credibility as an inflation fighter, so he’s continuing to talk like one, even though he hasn’t really started the fight. To Bernanke, the benefits of additional monetary stimulus would be modest at best, while the costs could be disastrous. Reasonable economists can and do disagree. The fact that doves think he’s obsessed with inflation and unconcerned with jobs while hawks think the opposite is not proof that he has found appropriate middle ground. And he shouldn’t be confirmed just because markets are freaking out that he might not be. But Fed chairmen are supposed to be apolitical, analytical and data-driven; Bernanke is all those things, and he did, after all, save the world. If Republicans don’t want to give Obama a victory, they should think of Bernanke as one of Bush’s best appointees. And if Democrats want to distance themselves from Wall Street, they should pass tough financial reforms so that Chairman Bernanke never has to save the world again. [Read “Seeing Light Through the Gloom in Davos.”](http://www.time.com/time/specials/packages/article/0,28804,1955058%5F1955463%5F1955425,00.html) [See the top 10 pictures of 2009.](http://www.time.com/time/specials/packages/article/0,28804,1945379%5F1944675,00.html) ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/archive/6915707/the-case-for-reconfirming-fed-chairman-ben-bernanke/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/archive/6915707/the-case-for-reconfirming-fed-chairman-ben-bernanke/"},"headline":"The Case for Reconfirming Fed Chairman Ben Bernanke","datePublished":"2010-01-26T05:00:00.000Z","dateModified":"2026-03-22T18:08:52.929Z","description":"Thanks for saving the world from a second Great Depression, Ben Bernanke! 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