The BBC reports that former Fed chairman Alan Greenspan - who blasted Bush in his book - has warned "that US economic growth has stalled and a quick recovery is not likely."
"As of right now US economic growth is at zero," he said, adding the longer it stayed this way the greater the risk of a deep recession.
Wall Street giants Goldman Sachs and Merrill Lynch have both forecast that the US economy will contract in 2008.
The US Federal Reserve has said 2008 growth will be between 1.3% and 2%.
The forecast, made last week, was half a percent lower than the Fed's previous estimation.
The gloomy outlook was blamed on falling house prices, reduced bank lending, turmoil in the financial markets and higher oil prices.
If the gloomy outlook isn't enough Greenspan also thinks oil will keep rising and that the housing mark will provide more concern before it gets better.
Mr Greenspan also predicted that booming oil prices, which reached a record of more than $101 last week would keep rising and that the US housing market would see more misery before the tide turned.
Greenspan isn't alone. Just yesterday there were reports that more analysts have jumped on the recession is likely bandwagon. If we do dip into an actual recession how long will we stay there? That's the next question that needs answering.
The BBC 