CNBC respectfully disagrees with Time magazine's choice of Vladimir Putin as Person of the Year. The business network has made its own choice, the American homeowner.

"With foreclosures rising sharply and housing prices dropping in virtually all regions of the country, the plight of the American Homeowner is a story whose scope reaches far beyond the U.S.," said Jonathan Wald, SVP of CNBC.

CNBC has spent much of its programming today on the subject, which is an extension of "The Home Front," series of reports.

How "Main Street." So there, Time.