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Warren Buffett says 'game is over' for Freddie and Fannie
Submitted by admin on Fri, 08/22/2008 - 09:28
Warren Buffett said the U.S. economy is unlikely to improve before 2009, and that he expects the government to take action to support troubled mortgage financiers Fannie Mae and Freddie Mac.
"What we're seeing in business, in our retail businesses, or anything having to do with housing, is even a further slowing down in June and July, both in terms of credit experience where people first got in trouble with house payments, and now credit card payments," he said.
Referring to the economy, Buffett said: "In my judgment it won't be any better five months from now."
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