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Warren Buffett makes his bets (on GE and Goldman) and proves once again in tough times cash is king — he’s in a position to make what could be big scores. On the other hand if you are in a debt driven business or have used a lot of leverage on your investments you are more likely to be flat on your back. The Washington rescue/bailout package may prevent systemic collapse in the credit markets, but won’t change dramatically the gloomy outlooks for folks who had been playing the debt game. Necessary deleveraging will take time and deeply pain investors who borrowed too much and surviving lenders who ramped up volume at the expense of underwriting discipline.

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