Buffett Sees Little Econ Improvement Before 2009

New York, NY, Aug. 22, 2008--The U.S. economy is unlikely to improve before 2009, investor Warren Buffett said on CNBC Friday morning.

The Berkshire Hathaway CEO said there was a "reasonable chance" that Fannie Mae and Freddie Mac shareholders would be wiped out though the companies themselves are too big to fail.

Buffet acknowledged that some businesses in his Berkshire Hathaway Inc insurance and investment conglomerate are struggling as the economy suffers from past excess in making credit available. The company is the parent of Shaw Industries.

"In my judgment it won't be any better five months from now," he said referring to the economy.

Related Topics:Shaw Industries Group, Inc.