Mario Gabelli says the economy is looking good, though he’s a bit worried about rising gas prices. In a lengthy Bloomberg interview, Gabelli also talks about the controversy surrounding Warren Buffett and David Sokol, as well as his outlook for News Corp. Regarding the broader economy and market, he says the economy “is doing well”. He says gas prices are his biggest concern, and adds that the housing market should recover next year. The stock market, he says, has overcome a lot of hurdles. He says his only concern is what will happen when March’s consumer spending numbers come out, as they may be negatively impacted by rising gas prices. “The markets are okay for the year and we’ll make money,” he says. Next year he expects some headwinds, but he says that will create opportunities for investors.

[youtube=http://www.youtube.com/watch?v=D6F4PM9Rkeo]