Praise the Lord and pass the ammunition?

Mr. Bernanke acknowledged during his remarks at Jackson Hole that such activities could backfire by exacerbating the crisis rather than ameliorating ongoing economic distress, but if deflationary pressures were to continue to intensify, investors shouldn’t be surprised to see him undertake novel policy initiatives. Market reaction could be counter-intuitive under such circumstances, since weaker economic indicators may convince edgy market participants that those “unconventional measures” may be undertaken sooner rather than later. Traders should stay locked and loaded.

Now, I realize that I wrote earlier of my weariness of the “out of bullets” cliché and I’ve since proceeded to make a slew of references utilizing the guns and ammo theme. Having indulged me by reading this far, please forgive me for pointing out in closing that some voices are urging the central bank to briefly enact those measures immediately in order to push rates temporarily lower before allowing a rise back to current levels. They maintain that the Fed’s stated intention to keep rates at low levels for an “extended period” may actually be restraining purchase decisions, and they argue that such a rise could motivate gun-shy home buyers and corporate managers to finally pull the trigger before the long-predicted rise in rates gathers steam. While it’s unlikely that such a magic bullet exists, supporters of the idea argue that it’s the shot in the arm that the economy so sorely needs.

I know, I know, I know. What can I say?

Just shoot me.

Bernie McSherry is senior vice president for strategic initiatives at Cuttone & Company.