??? ?????! Rumor has it that S.I. Newhouse is unhappy with Vogue's poor performance this month: Elle magazine beat them by 66 ad pages. There's even talk of a successor for Anna Wintour her being none other than Aliona Doletskaya, the foxy editor-in-chief of Russian Vogue. What an unbelievable but welcome notion that would be, don't you think?

publicrelations posted a photo:

This week was actually quite eventful.

It started off with China announcing a $600 billion fiscal stimulus plan effective from now until 2010, to be spent on infrastructure and social projects. Even this Asia powerhouse is not imperious to the global economic downturn, they are expecting growth to slow down to 8-9% as opposed to the double digit growth in the last 5 years. On the plus side, at least they're able to and are doing something to increase the liquidity in their economy.

Over in Europe, things are not so positive. Latvia a small European country, part of the former Soviet Union, just took over their second largest bank, Parex, last weekend. Are they going to be the next Iceland?

Back in the US, American Express got approved to become a bank holding company on Tuesday (just like Goldman Sachs and Morgan Stanley). This way, they'll have better access to capital both from deposits AND from the government, which is probably a good move since consumer loans is expected to hit next and Amex has a LOT of business in that (obviously).

The latest bank in the spotlight is Citigroup. The good news is that on Tuesday, they joint the ranks of Bank of America and JP Morgan to refinance mortgages to help people stay in their homes. The bad news is that Citigroup will be laying off 10% of their workforce (which may add up to 40,000 layoffs!) and doing some serious cost cutting. People are also not very happy with their (relatively) new CEO Vikram Pandit. He lost the Wachovia deal to Wells Fargo and the share price has gone down from $50 last year to $9 on Friday. The board is now questioning whether he's up for the job after all (granted it really wasn't his fault that Citi is in such deep trouble, he was just called in to fix Chuck Prince's mess). He is expected to be making a huge speech about all this on Monday.

On Wednesday, Paulson announced that they were changing their strategy for the use of the $700bn bailout- now known as the Troubled Asset Relief Program (TARP) funds. Instead of buying up bad mortgage debt, they are now going to use the remainder of the funds to directly inject capital into financial institutions. They realized that given the current situation, the original plan was becoming cumbersome and it was just easier and more efficient this way to directly inject capital in order to stabilize the financial system and get lending going, which right now they seem to have achieved (temporarily anyway). But then the question becomes, at which point do they stop giving capital injections to anyone who asks?

This question is especially interesting with the current fiasco in the auto industry. The big 3 are now desperately lobbying for a $25 billion financial aid package to save them from filing for chapter 7 bankruptcy, which means liquidation and going out of business. This would potentially indirectly lead to millions of job losses, due to its huge supply chain. Obama and the democrats are all for it, but some of the Republicans are more reluctant. I can actually see where they are coming from. Bailing out the banking industry is one thing, since banks are a huge part of our economy and will still be around in 50 years time. The auto industry on the other hand, is a dying industry. American cars are simply not globally competitive enough to survive on the long term. They are not as luxurious as European cars, they are not as cheap as Chinese cars and they are not as endurable and gimmicky as Japanese cars. They would slowly go out of business anyway. The current economic situation is just speeding up the process. I'd invest in a Chanel flap bag because I know that it will still be elegant and classic 20 years down the road, but I wouldn't spend the same amount of money on a Coach bag, even if it is limited edition and super luxed up. But I guess the $25 billion will buy us more time to "prepare", so it doesn't add to oil to the current fire. They are also quibbling about where this money should be coming from. The Democrats want it to come out of the TARP money (which makes sense, especially given the "new" strategy) and Bush wants to widen the budget deficit. I believe they're hoping to approve the package this week in the lame-duck session (if anyone is interested in why it is called the lame-duck session, as I was, check it out here).

The G20 also had a meeting on Saturday to discuss the world economy. There weren't any specific guidelines, but they agreed to join their efforts to achieve common objectives, like to improve the regulations and functioning of the financial markets. It's a start. And the power of 20 is definitely more powerful than that of one.

It snowed this weekend! Luckily, not the scary blizzard painful kind of snow (not yet anyway), but the movie kind, where they gently flurry down and then disappear as it hits the ground. As pretty as it is though, it is also deceivingly cold. In fact, it is officially freezing out there! A great time to bring out your winter hats to protect your ears from coming off.
I was actually excited this year, because I wanted to try wearing out my white popcorn beret (left) which I just bought from Urban Outfitters. I figured that it was very wintery and cute, plus since it is so loose, it won't give me hat hair (or less of it anyway). Apparently I only got it half right. The first two times I wore it, 2 of my friends told me that I looked like a cancer patient... the rest were too polite to comment. Of course I defended myself and told them that they don't know what they're talking about, but if I were to be honest with myself, I do kind of look like a cancer patient. Because unlike the models on top where the beret just sits atop their head, when I wear it, I pull it all the way down to my eyes and ears (such that no fringe escapes) and am fully bundled up from head to toe- hey it's cold out there! Unfortunately, as a result, one cannot see that I have any hair at all and I effectively do look like cancer patient. White was also an unfortunate color choice. The cute popcorn probably look like tumors on me too.
I'd like to think that this "effect" only applies to unstructured berets like the ones above and that if I got a more structured one, like this one from Eugenia Kim, I would look much better, because I'm totally in love with this hat. I love the little buckle and I love the subtly textured tones of purple. It is dark enough to match with many things, but there's still some color to stand out amongst the black hats around.I have a feeling that it might not provide as much coverage and warmth as the ones above, but it looks so pretty!

Or am I just deluding myself into thinking that it will look better?
Maybe I should just stick to a classic newsboy cap that looks good on everyone- maybe in red.

Image Source: Urban Outfitters and ShopBop

Yes, it is in fact Kate and Duffy. Oblivious to the world, they chat away near the Marc Jacobs shop on Mercer Street today. Kate looks super pretty and fresh. Do we have a campaign in the works maybe? Intriguing!

Let's name the pugs!! I propose: Agyness, Lily and Coco.

It's not too much to ask, is it?

CHANEL's Mobile Art has taken up residence in Central Park with a futuristic pavilion created by the architect, Zaha Hadid. Inside is an exhibit from 20 international artists whose design is...

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There is no doubt that tomorrow is one of the most important dates in the history of our Country. The candidates are feverishly making the rounds today to muster up any last undecided voters to their...

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Dolce & Gabanna and Chanel, watch out! Prada has answered your costume jewelry lines with one of its own and it's just as brand laden as yours!     Women's Wear Daily reported...

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For some reason, diaper bags, or baby bags as they're commonly known these days tend towards the twee and saccharine. Sure, there are designer bags as an alternative, but are they designed with the logo or the job at hand in mind?
Enter the line of bags from Jimeale.

Not your basic black diaper bag, these have a shot of color, but it's kept to the outer trim and the inside lining, as well as the included accessories (what is a diaper bag without a changing pad and bottle warmer included?). The pattern itself is clean and simple, no bunnies or flowers here. Nice touches are the side bottle pockets that are set in the sides, so they don't bulge out, and an outer zip so you don't have to open and unload the bag every time you need access.
The other problem many couples have is that dad is not keen on carrying a chick bag, even if it is for the baby. The Jimeale bags are not quite mannish, but they are sleek enough to be not too girly (just avoid the pink version!), especially the Luca in green. There is also a version with pink trim, as well as a paler blue.
The Edward, as shown, is $90, not bad as anyone who has shopped for a good diaper bag can attest to. Check out the 4 colors available at the Jimeale site.

It can be so hard to find a clean and classic handbag these days...add on criteria like super fashionable, and uncommon, and you'll really be hard pressed.
3 sisters from New York are determined to change all that. The Magnes Sisters have crafted a line of handbags that are chic, understated, and elegant, but by no means wall flowers.

Mr Big, is a super slim, folded clutch style. I love the unisex feel it has, almost like a vintage 70s YSL smoking jacket...the short chain is evocative of a pocket watch fob. But, unfold it, and it's a cool short tote with an attached key chain and details, like a front pocket that were previously hidden. This would be the perfect accessory to punch up all the slouchy newsboy styles that are already appearing in stores for Fall!
It comes in 7 great colors, but my favorite is the indigo. It's a reasonable $297 from Magnes Sisters.

Another style that is Grace Kelly cool (and cooly named) is the Dry Martini.


A perfect day to evening clutch, this is the sort of bag you find yourself pulling from the closet time and again...it is that perfect. From the peekaboo handle on the flap, to the flat pleating and stitching it will look sharp and elegant with almost anything from jeans to a suit. A short chain strap can be tucked away, left to dangle, or used to free up your hands. It comes in a variety of neutral and metallic leathers, and can be purchased for $224 also from Magnes Sisters directly.

One of the things that has kept me from skiing all these years is the lack of suitable handbag gear for carrying on the slopes. Well, not really (it's a husband afraid of heights and snowy mountains) but still, Moncler, purveyor of super chic ski clothing has also sensed the dearth of such an item.

The Oversized Puffer Tote is made from the same quality materials as Moncler sport gear, and like their ski jackets, even filled with down (point of note, I have a Moncler jacket and it has never shed a feather, so there won't be any talk of loose feathers flying)
Seriously, what is the point? I mean, it's cute in a tongue in cheek sort of way, but considering it is priced like Moncler garb, read: very expensive, not that cute. At $975, there are way too many bags I would rather drop my cash on than one that will only add heft to my Michelin Man winter appearance.
But, I know there are snow bunnies out there for whom this would be an adorable addition to their apres ski wardrobe. They can click on over to Intermix and pick up their own Moncler Oversized Puffer Tote.

Two beauty products I am dying to try right now are the new Stila Summer Eye Shadow Palette and the Erase Paste from Benefit. The eye shadow compact has six gorgeous, perfect-for-the-beach tones that would be beautiful day or night. I adore Stila’s shadows for their great pigmentation and lasting formula. I currently use Stila’s Kitten shadow everyday as a base color. I also am a big fan of Benefit’s classic concealer, Bo-ing, so I am curious to see how this one differs. The description says it is brightening, I am wondering if that is the only difference? I plan on picking up these two new products on my next Sephora jaunt (and we know those are pretty frequent!) Look for reviews in the future and let me know if you’ve already tried either one!