Check out the gloom wafting out of Omaha.
Warren Buffett told CNBC that the U.S. economy is unlikely to improve before 2009 and that shareholders in Fannie Mae and Freddie Mac could be wiped out.
That’s the latest unglad tiding for retailers looking at an already bleak holiday season.
Buffett also said that the struggling economy and credit crisis has laid bare some of the problems with Wall Street.
“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,” Buffett said.
The Sage of Omaha also said he support Barack Obama for president.
Wonder whose support carries more weight: the one from the man Forbes magazine called the world’s richest person, or Oprah’s?
Also in the basket:
AnnTaylor profit beats estimates
Gap profit beats Street, PacSun disappoints
CVS set to roll out luxury beauty units (WWD, subscription required)
(Reuters photo of Buffett)
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