Warren Buffett sees 'very painful' five months

Warren Buffett expects a "very painful" next five months for the economy but believes it will recover starting in mid-2009.

In an interview with Fox Business Network, to be aired at 3 p.m. Friday Central Standard Time, Warren Buffett says the Federal Reserve's prediction of a 5.9 percent unemployment peak is "just plain wrong." He says the rate will pass 8 percent.

Warren Buffett also says he would not accept the job of U.S. Treasury secretary, that the proposed auto bailout plan has a fundamental flaw and that Goldman Sachs will survive the current crisis.

Warren Buffett says the price decline of Berkshire Hathaway Inc. stock -- to its lowest level since 2003 -- "doesn’t make any difference" as long as investors haven't borrowed money to buy it at a higher price.

"I look to the business to determine my results. I'll say it's happened to me three other times in my life, too," in 1974, 1987 and bertween 1998 and 2000, he said. "I hope I live long enough so it happens a couple more times to me (Warren Buffett).”