Warren Buffett: Second Stimulus Possible

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Financial expert Warren Buffett said the economy is still not fully recovered and a second stimulus package may be needed.

"I think that a second one may well be called for," Buffet said on ABC News' Good Morning America, Thursday.

He said unemployment rates could possibly hit 11 percent.

"I wouldn't be surprised, I'm not predicting it," he added. "That would not surprise me."

Buffett said he believed the "best days of America by far, lie ahead." He said that while he's not sure when the recovery will happen, the nation will come out "big time" over a period of several years.

"We are not in a free fall but we are not in a recovery either," he sid. "We were in a free fall really in the quarter of last year, starting in the financial markets and spreading to the economy and we had this huge change in behavior. That change hasn't changed."

Still, the financial expert remained pessimistic about short-term prospects for economic recovery. He said the nation's unemployment rate still has "a ways to go" before improvement is visible.

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