US economy 'on the edge' of a recession

Former Federal Reserve Chairman Alan Greenspan said the US economy is on the verge of its first recession in six years as falling home values hurt consumer spending.

"We are clearly on the edge," Greenspan told a group of energy-industry executives at the Cambridge Energy Research Associates' 27th annual CERAWeek conference in Houston. He reiterated comments from last month that the odds of an economic contraction are "50 percent or better".