Buffett Sees Unemployment at 7% By Election Time

Warren Buffett predicted on CNBC today that unemployment would reach the "low 7" percent range by the 2012 Presidential election. He spoke about the Fed's policy of qualitative easing, commenting that it had likely benefited the country as much as possible and should be stopped. In a CNBC interview, Buffett stated that "I have enormous respect for Ben Bernanke. He knows more about the Fed than I do by a factor of 100-to-1. But, in the end, I don't think we need more of that now." The qualitative easing program is currently due to expire in June,

. The billionaire who controls holding company Berkshire Hathaway

said he is optimistic about the prospects for the United States economy, even as the uneven recovery has

of Berkshire. He stated that improvements in the business environment would likely result in an unemployment rate in the low 7 percent range by November 2012 elections, as compared to the current unemployment rate of 9 percent. "There is a resiliency to the American system," Buffett remarked. "It does work. It sputters from time to time, it will sputter from time to time, but you don't want to get worried." Over the weekend, Buffett has stated that he is eager to make large acquisitions, which was seen as a bullish sign by many American investors.