The so-called "Oracle of Omaha"-- a nickname Buffett picked up for decades' worth of prescient stock picks -- had a more optimistic prediction for the struggling housing market and the country's unemployment rate: The market, he said, is now looking "pretty good," especially for real estate valued below $500,000, though he added that he didn't expect home prices to return their boom year levels.
"I think within a year, except for a few hotspots, except for the high end, I think the housing market is going to be straightened out pretty much," he said.
Unemployment, meanwhile, gets a mixed outlook from Buffett, whose company recently laid off some 7,500 workers in its carpet and brick businesses.
In an earlier interview with ABC News, he said he wouldn't be surprised if the country's jobless rate exceeded 11 percent. Today, he said, he didn't think "it's a high probability but I wouldn't rule it out."
Buffett also weighed in on calls in Congress to strip the Federal Reserve and Fed chairman Ben Bernanke of some of their power. He's against such efforts, he said.
"I think an independent Fed is enormously important to the future of our country," he said. "I think if the Fed became a captive of Congress, heaven help us."