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Warren Buffett: Bernanke Doing "Right Thing" at Fed Despite Inflation Threat

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Warren Buffett hasn't spoken out publicly today, but we assume he's happy with President Barack Obama's announcement this morning that Ben Bernanke will be nominated for a second term as Federal Reserve Chairman.

Despite his concerns the government's efforts to revive the economy over the last year will probably lead to serious inflation down the road, Buffett has repeatedly endorsed Bernanke's performance at the Fed, calling him the best person for the job.

Here's what Buffett told us in a live CNBC Squawk Box interview one month ago:

BECKY QUICK: Now, Warren, you talk about your views on inflation and you use very long-term timeframes. Right now versus ten years. When Ben Bernanke was speaking to Congress earlier this week, he talked about some of these things, too, saying this is not necessarily something we need to worry about over the near-term. He's probably talking a couple of years down the road. Are you kind of in sync with what Bernanke was telling Congress earlier this week?

BUFFETT: I don't think you can have anybody better than Bernanke in the job. I mean, he understands all of the issues. But the time to worry about something that's going to happen in the long-term is in the short-term. And I'll guarantee you that he is thinking about that. But he needs to do what he's doing now. And the Fed needs to be doing what it's doing now. It will have, it will have after-effects, and we'll be facing those, and they'll be addressed at that time. But I don't think you can do what we're doing now, and are going to be doing, without having real inflationary possibilities down the road. But that doesn't mean I think he's doing the wrong thing. I think he's doing the right thing.

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