Documentary which takes viewers on a rollercoaster ride through the wonderful world of statistics to explore the remarkable power they have to change our understanding of the world, presented by Professor Hans Rosling, whose eye-opening, mind-expanding and funny online lectures have made him an international internet legend.

In short:

The more garbage we produce, the richer we are, times are good, the Risk premium on stocks should be low.

The less garbage we produce, poorer we are, times are bad, the risk premium should be high( meaning you are taking a lot more risk to get a return on you money).

Typically consumption is measure by government…If the garbage things takes off private sector can now start measuring consumption.

May be we all should start weighing our garbage.

These numbers are only part of the picture.

But these raw figures on job losses, bad as they are, actually understate the weakness in world labor markets. If you include partially employed workers and discouraged workers who left the U.S. labor force, for example, the unemployment rate is already 16.5%; even temporary employment is sharply down. ….

Social Impact

As a result, total labor income – the product of jobs times hours worked times average hourly wages – has fallen dramatically….

Moreover, many employers, seeking to “share the pain” of the recession and slow down the rate of layoffs, are now asking workers to accept cuts in both hours and hourly wages. Thus, the total effect of the recession on labor income of jobs, hours and wage reductions is much larger.

Chart Source Bloomberg

Some Stats from MBA Association

The Refinance Index increased 17.7 percent to 2009.4 from 1707.7 the previous week and the seasonally adjusted Purchase Index decreased 9.4 percent to 258.8 from 285.6 one week earlier.

The refinance share of mortgage activity increased to 54.9 percent of total applications from 48.4 percent the previous week.

he adjustable-rate mortgage (ARM) share of activity increased to 5.0 percent from 4.4 percent of total applications from the previous week.

The Mortgage Bankers Association said Thursday the percentage of loans at least a month overdue or in foreclosure was up from 10% in the July-September quarter and up from about 8% a year earlier.

The sharpest increases in loans 90-days past due were in Louisiana, New York, Georgia, Texas and Mississippi, reflecting a spreading recession and massive job losses nationwide.

The report also showed the delinquency rates for fixed-rate mortgages climbed in the fourth quarter, another sign that layoffs are taking a toll on homeowners.

The percentage of loans at least 30 days past due rose to a record 7.88%, up from 6.99% in the third quarter and 5.82% a year earlier — the biggest quarterly jump for delinquencies since the survey began in 1972.

The tax break for homebuyers, which the Senate approved by voice vote without opposition, was the second amendment in two days intended to encourage consumers to make major purchases. On Tuesday, the Senate approved a tax incentive for car buyers, sponsored by Senator Barbara A. Mikulski, Democrat of Maryland, that would allow the deduction of sales tax and loan interest on purchases made this year.

But while both of those incentives were applauded by lawmakers who said that the bill should quickly induce consumer spending, some economists said they were short-sighted and lacked the forward-thinking approach Mr. Obama has demanded.

….homebuyers would have trouble accessing loans because of the continued tightness in the credit markets and that the car buyer incentive fell short by not focusing on fuel-efficient vehicles, and that the money might be better directed at mass transit.

The tax credit would give buyers 10 percent of the price of a primary residence bought within one year, up to $15,000, and is intended to stabilize plummeting home prices, which caused a wave of foreclosures and led to the near collapse of the financial system as Wall Street firms wrote down billions in mortgage-backed assets.

With Wednesday’s additions, the cost of the Senate package has climbed well above $900 billion — the limit that Mr. Obama has set for the final legislation. Intense negotiations seemed likely over how to reduce the price tag.

Gross domestic product
Plus: Income receipts from the rest of the world
Less:  Income payments to the rest of the world
Equals: Gross national product                                 
Less: Consumption of fixed capital
Equals: Net national product
Less: Statistical discrepancy
Equals: National income
Less: Corporate profits with inventory valuation and capital consumption adjustments
Plus: Personal income receipts on assets
   Equals: Personal income

Source: WSJ.com