Okay, we don't mean to play Debbie Downer and talk about the economy, but when it starts affecting New York's most glamorous event, someone has to speak up.  The Wall Street Journal reports that economic times have gotten so tough heavy hitter Betsey Johnson won't be showing at the tents come February, and neither will veteran Carmen Marc Valvo.

Some houses are combining shows to limit costs while others are holding pared down presentations for only the most essential viewers.  Doubling up on spaces means doubling up on the guest list, and smaller media outlets (and even the magazines who re-view the collections the week after anyhow) may be severely affected.  Seems the balance of power is trying to shift back to major publications and away from the hands of online media.  However, New York Couture Week might be making a smart move, holding their shows at the same time as NYFW.  Waited in line for 2 hours to attend Ports 1961 only to be denied? Come to our shows and actually be seated.

Everyone seems to be cutting back, including IMG.  Rumors are flying that press passes are being very limited to online media outlets.  One blogger reported being denied a Press Pass in 8 minutes flat. Seems the progress we've all made in the past two years is quickly being reversed.  Whether this is a reaction to designer cutbacks or to previous bad behavior (you know exactly who you are), we can't say for sure, but we can guarantee there will be many a sour face strolling around Bryant Park come February.