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With this morning's headline that AXP has requested $3.5 billion in federal aid, I'm wondering just how bad this will get. I think of AXP as one of the bluest of the blue chip companies. If they need aid, who doesn't?

This is serious beyond anything I ever imagined, and I have a pretty vivid imagination.

For maybe the first time ever, I'm questioning whether Buffett has underestimated the severity of the situation. Is AXP okay? How about WFC, GE and GS? Surely USB is, isn't it? What about Buffett's purchase of BAC before the meltdown?

The good news is that Buffett saw the problems building and built a war chest. I imagine that deals like WWY and CEG will work out great. Given Buffett's track record, I have to believe that his other investments will work out well too, but it is harder to see this time around.

Is there any among us who harbors no doubt?
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