Have you made plans for the Fourth of July yet? We hope you’re going to be catching some awesome fireworks or grilling out at a sweet barbecue. The American patriotic spirit has even gone global, thanks to Obama-mania.

The latest in the ever-growing category of Obama-inspired fashion (see: Rodarte for Sonia Rykiel) comes from Italian shoemaker Cesare Paciotti - an Obama Tennis Shoe. It’s very simple: a white sneaker emblazoned with the good ol’ stars and stripes.

We don’t mean to be anglophiles, but in the past if we thought about wrapping a flag around our bodies, we’d usually choose the Union Jack.

But now we’re thinking twice about it thanks to Cesare’s cool American look. While the president served as inspiration, the flag detail pretty much embraces the whole country.

So come the Fourth, let’s wave—and wear—our flags proudly.

—AMANDA JEAN BOYLE

It’s that time again - In this edition, we ask, who would you have wanted to be (in fashion!) for just one day in 2008?

Britt:

Posh: Because in twenty-four hours, I could know what it’s like to wear Roland Mouret and 6” Louboutins on a play date, get a rave review from Style.com, call Marc Jacobs and sleep with David Beckham.

Arlenis: Preferably the day she signed her Lancome contract so that I could grasp the hugeness of going from relative, or total, obscurity to almost super status in like three months.

Carine Roitfeld: Because I would stand in her closet for twelve hours, wander Paris wearing Alaia for the three, style a Demarchelier shoot for five, and hang out with Nicolas Ghesquiere for the last four.

Natalie:

Katie Grand: Because then I could know everything happening with LOVE, which would make me infinitely satisfied.

Cathy Horyn: The power…

Kate: Because why the hell not?

Brett (for fun!):

Olivier Theyskens: On the day of Lauren Santo Domingo’s wedding, to touch the most amazing wedding dress ever and think his thoughts for a little while.

Don Draper: To look that cool, be married to January Jones, cheat, run an ad agency, and drink and smoke all day.

Simon Doonan: Hello, he designs windows and has opinions for a living. That’s my ideal situation.

And you?

“What happened to protecting the brand with no sales?” - Brett, while browsing the men’s clearance section on Abercrombie (via e-mail).

In addition to their ongoing Fall sales, all Spring 09 clothes on Yoox.com are an extra 25% off with the code “YOOXMAS” - until midnight tonight, my sugar plums.

***And this concludes both our 12 Days of Fashion Holiday, and our regular publishing schedule for 2008. Everything will be back to normal starting Monday, January 5th, but check in during the extra-long break - we’ll be publishing randomly almost every day.

Happy Holidays!

xoxo Fashionista

In keeping with sacred internet tradition, we give you the first of Fashionista’s end-of-year lists: Who Should Have Judged Project Runway?

Britt:

1. Isaac Mizrahi: Because, duh.

2. Behati Prinsloo: Because having a model challenge would be genius and Behati’s witty, smart, young and if they need a more commercial angle, she’s the face of Pink. Actually, they should have Behati and Coco do it together. I hardly watch the show anymore, but I’d find a TV for them.

3. Chris Benz: Because he might be the closest thing our generation has to Isaac Mizrahi (I know, but Zac guest judged during Season 4).

Natalie:

1. Isaac Mizrahi: Because this man should have a camera and a stenographer following him at all times.

2. Madonna: Because no one could tear young hopefuls down as thoroughly as Madge, and isn’t that what reality fashion television is all about?

3. Meredith Melling-Burke: Because as arguably one of the most powerful market editors on the planet, she could actually give the contestants useful criticism/information. And she’s really pretty, too (good TV).

And yours?

To: Tips@Fashionista.com

From: Grass@Shopper.com

Hey F,

The Macy’s in Herald Square is open 24 hours from now until Wednesday at 6 pm.

I went last night and the store was EMPTY.

Great way to finish Christmas shopping.

xo,
A

And the winners are…

So it’s Friday, the end of a long, hard week and all your body is craving is designer clothes, drink and music. But where do you go? My top choices:

1. Lambs Conduit St. Christmas of course!

From 12 - 8pm today, Lambs Conduit St London holds its very own festive party. Music, games and fun, including Folk, Lee, Humanoid, Patagonia, Tretorn, BSA and Lowie, up to 80% off. There’ll also be a handbag raffle, winter bbq, alcoholic smoothies, mulled wine and mince pies.

2. And for Saturday, here’s one you cannot possibly miss:

North London-based vintage/costume store Angels needs to get rid of old stock, which consists of “genuine retro clothing and accessories from the 1920’s - 90’s (every decade included), contemporary clothing and period military uniforms.

You pay to get a bag upon admittance (small bag for £10, medium £20, large £50), then run around like crazy fools filling your bags with as many clothes as possible. Warning: The event’s Facebook group already has 4,546 people listed as attending, but it will so be worth it. Details after the jump.

—BR(IT) BOY

Have you been wondering what, if anything, you’ll get for the holidays this year?

How would you feel it you received, say, the shirt at left? You’ve probably heard that “escapism” and “fantasy” purchases are doing very well this year (apparently dwindling bank accounts make people want to jump to another life), but would you have guessed prank tees are having their own mini-revolution?

Sites like PrankPlace.com have processed more than double their usual orders lately, due mostly to shoppers scooping up $15 shirts that say stuff like “When I’m Alone, I Google Myself.” So here’s what we’re thinking: If you have a little brother, a big brother, or a mildly funny dad, expect a corny t-shirt this year. Consider this your warning, unless of course you like looking like you’re at Six Flags (or in the basement section of Urban - take your pick.)

The reports on Black Friday are in, and it looks like the day wasn’t the retail bust everyone feared. According to ShopperTrak (it’s a sort of newswire for retail information), nationwide Black Friday sales were up 3% compared to last year, with the South seeing the best improvement (3.4%) and the Northeast seeing the worst (2.6%). And according to WWD, the Macy’s in Herald Square drew 5,000 shoppers out of bed at 5am for their unprecedented discounts.

But even though they also report that Target drew lines outside their store as early as 4am, there have also been (less official) reports that at least one Target was “depressingly empty.”

Our data? We were out on Black Friday in Soho, and here’s what we saw: No bigger a crowd than usual on Broadway, and barely trafficked stores to the east. Upon entering a certain (read: super expensive) boutique on Prince Street, the first thing the shopkeeper said: “Everything’s 20% off, but if you see something you really like let me know. I’m wheeling and dealing today.”

So we’re wondering: Are all these reports of massive shopping true? Or are some people just trying to raise our confidence with (perhaps) inflated reports? What did you see for yourself on Friday? Or were the only things you saw leftovers and Love Actually?

The good people at Earnest Sewn know that times are tough. Their solution? Sell cheaper stuff and throw a few parties, of course!

On December 2nd, the Earnest Sewn store on Washington launches “Recession Proof,” a back-room installation filled with goods all for less than $50, including candles from Malin & Goetz, Dents gloves, Earnest Sewn scarves, Case & Sons knives, Moleskin notebooks, Barbour hats, 80%20 shoes, Shades of Griege shirts, Digby & Iona jewelry, Billy Kirk accessories, and pieces from the Quail.

Plus? They’re holding three shopping events (details after the jump) during which you can get 40% off Earnest Sewn goods (and 20% off everything else) while you enjoy the free refreshments being served. And (if you can believe there’s more), they’re holding a canned food drive in conjunction with the Food Bank for New York City and New York City Cares, so you get an extra 1% off third-party merchandise for every can you bring in (up to 20% off).

Now if only they could lower the regular price of their jeans, they could really pack the store, and not just for the free drinks and cute candles.

Converse, if a shoe brand could be our best friend for the day, we’d pick you the day after Louboutin.

The sneaker line’s gone all out for the holidays. They’re determined to help with your Christmas shopping whether you’re a sneaky Santa or an obvious Santa.

If you’re sneaky, you can pick three gifts your friend/lover/sister/whatever might like and they’ll send an anonymous email to said person asking them to choose their fave. Then they’ll email you back with the answer and you just click and buy.

If you’re obvious, as in, you’re way more worried about the gifts you’ll be getting than those you’ll be giving, you can pick three things-Converse you’re dying for and they’ll email them off to whomever you think is buying you gifts.

Either way, for every Christmas email you ask Converse to send, you’ll be entered for the chance to win a $75 gift card, which, by the way, is just $10 less than our sequined sneaker obsession.

So you can’t really go wrong, unless you don’t like Converse, in which case you’re on your own.

Some facts:

1. At this moment, Macy’s has an 11-year streak investment-grade credit rating. Translation: It’s been considered a safe, solid company for investors to invest it.

2. Macy’s debt - which, at $9.8 billion is double than that of any of its direct competitors, like Nordstrom and Kohl’s - combined with the bleak upcoming holiday season, is making it trade like a junk bond. Translation: This could make their investment-grade credit rating, which is decided by ratings agencies like S&P and Moody’s, go down (in fact, both agencies have already announced they have a “negative” outlook on Macy’s rating, which is already at the lowest rung of the investment-grade credit ratings). Further translation: This makes them an unattractive company in which to invest, meaning they’ll have to promise a higher return to investors in order to keep them, meaning it’s going to cost Macy’s a whole lot more money just to keep their investors’ money in their veins. It also means that companies that simply aren’t allowed to invest in companies without investment-grade ratings - some funds simply will not invest in companies that are considered “speculative” - will pull their money out of Macy’s entirely, making it extremely hard for Macy’s to pay off its debt at all.

3. Ratings agencies give these credit grades based on how a company is doing, how much debt it has, etc. Macy’s is about to enter what was typically its most profitable time of year - four-fifths of their profits last year were made just during the holiday selling season - which we all know is expected to be the bleakest holiday selling season seen in some time.

The big picture? Right now, the future of Macy’s seems to be at the mercy of two factors - The credit rating they get, which determines the interest they’ll have to pay investors in order to fund operations, and the upcoming holiday selling season, which will play a huge part in ratings agencies’ decision of whether or not to downgrade Macy’s (they usually wait until after the holiday season to change grades for retail companies) from their current investment-grade rating to a lower rating of non-investment grade speculative.

So? Since the holiday selling season already looks awful (check out Macys.com for some already amazing deals pre-Thanksgiving), and since the main ratings agencies have already said they have a “negative” outlook on Macy’s credit rating, which can only cross the line into non-investment-grade speculative since it’s already at the lowest point of the good end, Macy’s, right at this moment, seems screwed.

But we promise we’ll be more upbeat from here. Ho ho ho.