Buffet believes in soon US recovery with unemployment to be 7% by 2012

Warren Buffet expressed an optimistic view of the US economic prospects and said that despite his "enormous respect" for the efforts of Federal Reserve Chairman Ben Bernanke to move the economy forward, more stimulus is not the answer now.

"In the end, I don't think we need more of that," Buffett said in an interview on CNBC television.

Meantime, he believes that with the improvement in the business world a decline in the unemployment rate should also come to the low 7 percent range by the November 2012 elections from 9 percent now.

Activity is "probably closer to inching in most businesses" at Berkshire and in much of the economy, while others are "moving forward" and others are "stuck," Buffett said.

"There is a resiliency to the American system," he said. "It does work. It sputters from time to time, it will sputter from time to time, but you don't want to get worried."

He also said stocks are a better investment over the long-term than bonds, saying "it's a terrible mistake to buy into fixed-dollar investments" at current rates.