Weekend Economists Dog Days of Summer, August 6-8, 2010

Demeter

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Fri Aug-06-10 12:16 PM
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Weekend Economists Dog Days of Summer, August 6-8, 2010

I can hear it now: Demeter, you can't be Sirius! Dogs, AGAIN?

Although we did feature dogs on the last weekend in March this year, there's been a request for more, More, MORE! So we will contemplate (it's to hot to do anything more energetic):

"Dog Days" (Latin: diēs caniculārēs) are the hottest, most sultry days of summer. In the northern hemisphere, they usually fall between early July and early September. In the southern hemisphere they are usually between January and early March. The actual dates vary greatly from region to region, depending on latitude and climate. Dog Days can also define a time period or event that is very hot or stagnant, or marked by dull lack of progress which would certainly describe any economy on this planet, Global Warming, and most other human endeavors! The name comes from the ancient belief that Sirius, also called the Dog Star, was somehow responsible for the hot weather. As for the sons of bitches who are responsible for this economy, they are legion, but the most prominent names roll off our tongues easily, and are featured below.

The Romans referred to the dog days as diēs caniculārēs and associated the hot weather with the star Sirius. They considered Sirius to be the "Dog Star" because it is the brightest star in the constellation Canis Major (Large Dog). Sirius is also the brightest star in the heavens besides the Sun. The term "Dog Days" was used earlier by the Greeks (see, e.g., Aristotle's Physics, 199a2).

The Dog Days originally were the days when Sirius rose just before or at the same time as sunrise (heliacal rising), which is no longer true, owing to precession of the equinoxes. The Romans sacrificed a brown dog at the beginning of the Dog Days to appease the rage of Sirius, believing that the star was the cause of the hot, sultry weather(!!!!!).

Dog Days were popularly believed to be an evil time "when the seas boiled, wine turned sour, dogs grew mad, and all creatures became languid, causing to man burning fevers, hysterics, and phrensies" according to Brady�s Clavis Calendarium, 1813.

The modern French term for both this summer period (and for heat waves in general) "canicule", derives from this same term. It means "little dog", again referring to Sirius.

In Ancient Rome, the Dog Days extended from July 24 through August 24 (or, alternatively July 23-August 23). In many European cultures (German, French, Italian) this period is still said to be the time of the Dog Days.

The Old Farmer's Almanac lists the traditional timing of the Dog Days as the 40 days beginning July 3 and ending August 11, coinciding with the ancient heliacal (at sunrise) rising of the Dog Star, Sirius. These are the days of the year when rainfall is at its lowest levels.

According to The Book of Common Prayer (1552), the "Dog Daies" begin on July 6 and end on August 17...The feast day of Saint Roch, the patron saint of dogs, is August 16.

For the ancient Egyptians, Sirius appeared just before the season of the Nile's flooding, so they used the star as a "watchdog" for that event. Since its rising also coincided with a time of extreme heat, the connection with hot, sultry weather was made for all time: "Dog Days bright and clear / indicate a happy year. / But when accompanied by rain, / for better times our hopes are vain."

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In recent years, the phrase "Dog Days" or "Dog Days of Summer" have also found new meanings. The term has frequently been used in reference to the American stock market(s). Typically, summer is a very slow time for the stock market, and additionally, poorly performing stocks with little future potential are frequently known as "dogs."

Courtesy of Wikipedia: http://en.wikipedia.org/wiki/Dog_Days

Well, this summers markets are showing lots of life--rather like a rabid dog, or a pitbull, rending investors limb from limb.

Let's wade in, pour a bucket of cold water on the dogfight and see what's what ....

Post your economic news, your dog's picture, and any doggerel you might have a hand.