Wow - first, media giant Conde Nast suspends Fashion Rocks and Movie Rocks, and downsizes Men's Vogue, and now Marc Jacobs has to cancel his holiday party. The annual bash, which is more over-the-top than a Bollywood extravaganza, is usually at the Rainbow Room, which we guess was just too much money to swallow considering Robert Duffy said the cancellation was, "due to the financial climate". The news comes just a couple weeks after Hearst's own announcement of no holiday party plans, though you have to figure - if companies like Hearst don't have the cash, and designers like Marc can't pull in the sponsors, what kind of situation is everybody else in? We know these are just holiday parties, and of course everybody wants to avoid the photographic evidence of major AIG-style bashes during what is a tough time for most, but it really says a lot when even the major companies cut back in major ways. Guess we'll never know what Marc's costume for his Rock and Roll Circus theme (which, oddly, was announced less than a month ago), would have been - we were hoping Mick.