NEW YORK (Reuters) - The United States has fallen into an “awfully pale recession” and may remain stagnant for the rest of the year, former Federal Reserve chairman Alan Greenspan was quoted on Monday saying.
“We’re in a recession,” Bloomberg news agency reported Greenspan had said in a television interview. “But this is an awfully pale recession at the moment. The declines in employment have not been as big as you’d expect to see.”

Not the first time Greeny has said we’re in a recession; however, it is the first time he’s used such interesting adjectives. He expects a stagnant ‘08, with growth not returning until the housing markets stabilize.