A better CPI

From Mish Shedlock, here's a graph of the CPI with owner equivalent rent replaced by the Case-Shiller Index aka the CS-CPI. It would have led to much better Fed action in the current cycle. The Fed would have pulled back credit in 2003, tempering the bubble, and would be broadly inflating now, tempering the depression. Wouldn't it be nice to have a Fed that used good metrics?