iPads can do lots of things. They can dim the lights and set the mood. They can “talk” to our appliances and let us know when energy hogs, like the dishwasher, will be the most expensive to run. My husband is a guitar player and a member of a garage band. He plays lots of videos (on his iPad) about other bands and has shown me some about how iPads can run entire concerts. Very impressive.

I have an iPad-mini. I really like it. It’s hard to imagine the processing power and storage space that can be crammed into a device the size of a medium children’s hardcover book. I read with it. I blog on it. I take photos and other things – nothing fancy. But that’s only because I am not as sophisticated on the iPad as some users there are. I don’t have the time in invest in discovering more ways it can be helpful.

I’ve seen a video on Bloomberg.com of an iPad being used to back a car into a parking space on behalf of the driver. Again, it’s very impressive.

iPads or like devices are used in hospitals to monitor patients. Very serious work that is.

If an iPad can entertain me, wake me up in the morning, run my appliances, help me get around places which I am unfamiliar, do more serious things like run concerts, or more importantly, save lives – why can’t it monitor monetary policy?

The lines between serious servers doing serious server work and smaller devices doing serious things have been greatly blurred over the years. And we have a good idea already, that with good programming, computers are faster and far more insightful than a room full of humans could ever be.

Doesn’t seem strange that we still have this dinosaur called the FOMC and some possibly humans still making the same mistakes made by their predecessors in the late 1920’s and 1930’s as they bring back wild “new” theories about economics everyone thought died with Arthur Burns to cover their behinds while everyone else suffers? Why does anything resembling stable monetary policy have to be so hard and politically charged in the digital age when computers have done most of the work for nearly everything else that gets done in the world?

I wrote a little blurb a while back about JC Penny and its problems with Ron Johnson. The Ron Johnson experience at JC Penney reminds me a lot of a much faster moving Chairman Ben Bernanke – a lot fanfare and hype – only to end in an incredible disaster. If only the world had many more Ron Johnsons and much less of Ben Bernanke life would be much different today. Ron Johnson got what he had coming.

Perhaps the reason an iPad doesn’t replace Ben Bernanke and his partners in the crime of the century is that there is just too much arrogance in the world. After all these FOMC people are smarter, faster, and more insightful than a clump of silicon and copper. And the cover of The Atlantic would seem kind of dorky with a photo of an iPad with the words “Our Hero” scrawled across the top. I mean who would think to toss an iPad in a mosh pit?

I think we should do something different when it comes time to find another Fed Chairman, something bold and out on the edge. We shouldn’t go for a chairman, but a ChairPad and then we can all sleep a little easier at night.