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Alan Greenspan is at it again - making Ben Bernanke’s life difficult.

This time, the former Fed chairman told Bloomberg that the US has slipped into a recession - albeit an “awfully pale” one - and may continue to languish for the rest of the year.

It’s not the first time the ‘Span has jumped on the recession bandwagon - back in April he told CNBC much the same, and said it would be appropriate to tap public funds to resolve the mortgage-related crisis that has helped pull the economy into the “most wrenching” crisis since the end of World War II.

He’s sticking to that theme, telling Bloomberg it was too soon to declare an end to the credit shenanigans. Moreover, Greenspan said continued stagnation of economic growth for the rest of this year may be the best the US can hope for and might even be the most likely outcome.

“That’s certainly the most benevolent scenario,'’ Greenspan said. “It’s not all that far from being the most probable.'’

And of course: “The trade-off between inflation and growth is clearly turning adverse…We’re going back to where we were before the end of Cold War.'’

As for what constitutes an awfully pale recession? Well, according to Greenspan, “the declines in employment have not been as big as you’d expect to see” in a recession with a healthy, sun-kissed glow.