Buffett: US does not need QE2

Berkshire Hathaway's Warren Buffett says the US does not need more economic stimulus right now, although he has "enormous respect" for Federal Reserve chairman Ben Bernanke.

Speaking on CNBC today, Buffett says there has been a substantial amount of government stimulus since the start of the financial crisis, and he believes the US does not need as much as it is receiving with QE2. He says the nation's employment situation is likely to improve in the coming months as the economy's growth rises, estimating the unemployment rate will be in the 7% range by 2012. Although Buffett is bullish on US growth, he says most of Berkshire Hathaway's businesses are "inching along" rather than "chugging along." In his annual letter to shareholders last weekend, Buffe...