Alan Greenspan, the former chairman of US Federal Reserve has warned that, the economy of US is approaching towards the double-dip recession. He has also said the financial recovery is currently at a pause state in US, which can be called a quasi recession.

He has said about the possibilities of US to fall beck in to recession in the near future. Mr. Alan Greenspan worked as the chief of the US Federal Reserve from 1987 to 2006 until his retirement.

After his retirement, Ben Bernanke has replaced him and the policy of Ben Bernanke of keeping the interest rates low has been criticized so much by the business groups. Mr. Greenspan has also made a forecast for unemployment to be at its current rate of 9.5% for some times in the future.

According to him there is nothing which can change the unemployment rate in the near future. The latest report on unemployment figures of US is due to be published by the Labor Department on Friday.

As per Mr. Greenspan the house prices of US continued to fall in recent past and there is no possibility of any rise in the housing market in near future also.