The sour U.S. economy is unlikely to rebound before 2009, billionaire investor Warren Buffett said Friday.
He said the credit crunch will continue to worsen, and noted that Federal Reserve Chairman Ben Bernanke doesn’t have a “magic wand” to strengthen the economy and tame inflation.
“You always find out who’s been swimming naked when the tide goes out,” Buffett told CNBC. “We found out that Wall Street has been kind of a nudist beach.”
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