Coming to an FOMC meeting near you.......
Lacker: Can we raise rates already your Netflix (NASDAQ:NFLX) shares are back above $100?
Bernanke: Hold on a second
Yellen: What are you doing over there?
Duke: I thought we said no ipad's in committee
Lacker: Yea, what are you doing Ben?
Bernanke: I'm Googling (NASDAQ:GOOG) it?
Bernanke: I got this new cool App. I was going to tell you about it, but I've been too busy playing with it.
Lacker: What is it?
Bernanke: It's called Googlomics.
Duke: What does it do?
Bernanke: In a nut shell, it provides the most accurate data on prices the world has ever seen.
Yellen: That's amazing.
Duke: What is it telling you?
Bernanke: That inflation is trending much higher than our data suggests.
Lacker: You don't need an app to figure that out Ben.
Yellen: How does it work?
Bernanke: It's crowdapping prices. Basically, aggregating everything from amazon's price app, gasbuddy, and the likes in real time.
Lacker: So, should we tighten?
Bernanke: Well, according to the Googlomics App Genius; Yes.
Lacker: Told you.
Bernanke: This App doesn't understand downside risks to growth like I do. It couldn't have possibly studied the Great Depression. Get me Sergey Brin on the phone; I want to have a conversation with the logic guys behind this. Need to make sure they have read Irving Fisher's debt deflation theory.
Duke: Hmm, this app may put us out of business. We might want to regulate it.
Bernanke: Good point. I'll get the message to Geithner.(please edit this out of the minutes)
Disclosure: I am long GOOG.