Cuts and Questions and Doom

First Takeaway: In this morning's papers, everyone leads with the cuts in interest rates by the Federal Reserve and t other central banks around the world. (The Wall Street Journal here, New York Times here, and the Financial Times here.)

The most intriguing question of the day is asked by Mary Williams Walsh of the New York Times: What in the world is American International Group doing with the $123 billion in loans from the Federal Reserve?

Some analysts cited by Walsh suggest that the insurance giant had suffered much steeper losses before the bailout than it has yet disclosed. Then there is the mystery of the internal auditor, raised at a recent Congressional hearing, who asked questions about the company's valuations, but was shunted aside. More light may be shed next week, when A.I.G. reports quarterly results.

Christopher Buckley, milking his recent Obama apostasy for all it's worth, writes an amusing "concession" speech for McCain in the Financial Times.

Are you feeling at all optimistic, either about Obama, or the economy improving, or even the Phillies? Will a few minutes with Dr. Doom will dash all that.

Nouriel Roubini, writing in Forbes, says that "Deflation and stag-deflation will, in six months, become the main concern of policy authorities."

Very scary, and it's not quite Halloween.