Commentary: Fed struggles to bolster public confidence

08/23/2010 | Wall Street Journal, The

George Melloan, author of "The Great Money Binge: Spending Our Way to Socialism," discusses a recent report from the Federal Reserve Bank of New York that shows consumers are struggling to get out of debt. The report supports concerns that the nation is facing a deflationary period, he writes. The Fed could remedy the situation by creating money, but there are other issues, including a lack of public confidence.

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Wall Street Journal, The