Holiday Parties Canceled for Big Fashion and Media Houses...

This week, Conde Nast, Marc Jacobs, Hearst Corporation and others canceled their typically lavish holiday parties, though individual departments in the companies may choose to have scaled-back soirees. This is an age-old sign of a recession, as well as the announcement of little to no bonuses for the high-payed executives.

How many more announcements like this will be made? Do you think there'll be any extravagance to spare this holiday season? Projections so far are glum & it's not looking any more encouraging despite advertisers and retailers best efforts to promote and cut prices on non-essential goods.