Greenspan: ‘We are on the brink’ of a recession.

Former Federal Reserve Chairman Alan Greenspan warned today that “the U.S. economy was ‘on the brink‘ of a recession, with the chances of that happening at more than 50 percent.” Greenspan added that a quick recovery of the sour economy is unlikely. “A rebound at this stage is not something I think is in the immediate outlook,” he said. “There are still very considerable structural problems remaining in the financial system. They will remain for a while. It’s going to be very difficult.”