For the past eighteen years, Marc Jacobs has corralled elaborately costumed fashion people around the eggnog bowl each December for his legendary holiday party. Thrown with a healthy dose of irony (as evidenced by Marc's camel-toe, pigeon, and pig costumes from the past three years, pictured above), it's probably the most fun fashion party of the year. This year's "Rock and Roll Circus" party was scheduled to take place at the Rainbow Room on December 10. But yesterday Jacobs's business partner, Robert Duffy, sent out an e-mail saying the party has been canceled because of the current economic climate. "It pains me as this has been a Marc Jacobs tradition for the past 18 years. Hopefully it will be reinstated next year," Duffy wrote. Blasphemy! We guess it's a shrewd business decision, but, Mr. Duffy, we would like to point out the economy didn't stop Diesel from throwing giant "Rock and Roll Circus"–themed parties a few weeks ago in seventeen cities. And gleefully broadcasting them live to the world on the Internet. If the world needs anything right now, it's the cheer derived from camel-toe costumes. And when people are cheery, they shop more and the stock market goes up or something, right? God, this news sucks. But hey — Obama won!

No Holiday: Marc Jacobs, Robert Duffy Nix Party [WWD]

Related: Marc Jacobs Themes Next Holiday Party ‘Rock and Roll Circus’