"Greenspan says U.S. "on the edge" of recession"

Reuters report that "Former U.S. Federal Reserve Chairman Alan Greenspan on Thursday said the U.S. economy is "clearly on the edge" of a recession. Greenspan said the economy will continue to erode until there is a stabilization of U.S. housing prices.
"We have a long way to go" before housing prices hit a bottom, Greenspan told energy executives at the CERA conference."

He is of course correct but that goes even more for the UK, we have further to fall when the fall comes and that will not be long...