Josh Marshall August 3, 2011, 12:19 AM

From the FT …

“Unless we are missing something the US is one false move away from a recession,” says Jim Reid, strategist at Deutsche Bank, who has warned the US could be approaching a “1937 moment” - when authorities removed post-Depression stimuli from still-fragile markets and triggered another recession. This risk, he says, has in fact only been magnified in the markets’ eyes by agreement on raising the US debt ceiling.