Billionaires differ on Obama

Call it the battle of the billionaires.

Warren Buffett, the wealthiest person in the world, likes Barack Obama, who is on the verge of winning the Democratic presidential nomination.

But investor Carl Icahn says Obama would be a "terrible'' president who would wreck the economy, Bloomberg is reporting today.

"I don't normally get involved in politics, but this time I am,'' Icahn told an investors conference in New York Wednesday night in remarks embargoed until this morning. "I don't think Obama really understands economics.

"I personally think he would be a terrible president,'' Icahn said, arguing that Obama would probably go on a "huge spending spree'' that "the country can't afford right now.''

Icahn also noted that Obama has also pledged to let President Bush's tax cuts lapse for people making more than $200,000 a year. "You would have a loss of confidence in the dollar,'' leading to higher inflation and interest rates, Icahn said, according to Bloomberg.

Buffett, on the other hand, told reporters in Germany earlier this week that he had offered support to both Obama and Democratic rival Hillary Clinton. But since it appears Obama will be the nominee, "I will be very happy if he is elected president."

"He is my choice," Buffett added.