Billionaire financier and Berkshire Hathaway Chief Executive Warren Buffett greets shareholders during the Berkshire Hathaway Annual Shareholders meeting in Omaha, Nebraska May 3, 2008.
(Carlos Barria/Reuters)By Jonathan Stempel 2 hours, 20 minutes ago
NEW YORK (Reuters) - Warren Buffett said the U.S. economy is unlikely to improve before 2009, and there was a "reasonable chance" that Fannie Mae (FNM.N) and Freddie Mac (FRE.N) shareholders would be wiped out though the companies themselves are too big to fail.
Speaking on Friday on CNBC television, Buffett, the billionaire investor, said some businesses in his Berkshire Hathaway Inc (BRKa.N)(BRKb.N) insurance and investment conglomerate are struggling as the economy suffers from past excess in making credit available.
"You always find out who's been swimming naked when the tide goes out. We found out that Wall Street has been kind of a nudist beach," said Buffett, who was called the world's richest person by Forbes magazine.
Referring to credit deterioration, Buffett said, "Right now the situation is still getting worse, and I would say that I don't see any early end to that."
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