Last night at the party to celebrate the launch of Louis Vuitton's Stephen Sprouse collection at Deitch Projects, rapper Ice T explained that rich people are cutting back during this recession. "Unless you're ultrarich, like to the point where you can't go broke, motherfuckers are buckling and tightening their belts. I mean, me and my wife, I'm on a hot television show [Law & Order], but this year we're like, let's spend a little less, not splurge," he said, noting he, too, can get fired. "You don't want to be like, 'Damn, I wish I didn't buy that $8,000 jacket.'" In fact, last night Ice T wore a $100 suit made in Bangkok. "Being sharp is more about how you carry yourself," he continued. "This chick is walking down the runway, her stockings are torn, dragging her shit — it's attitude. You walk in the room, motherfuckers be like, 'Damn, who the fuck is that?' It's not about the name tags at the end of the day." Could he foresee an age where people buy so much less clothing that they start, uh, walking around nude? "Not in New York. Not with the weather out here," he said. "My wife — everybody knows Coco likes to show her body, but I tell her all the time, 'If everybody looked like you, they'd be walking around naked. You're lucky.' And she's like, 'I just want to be nude.' And I'm like, 'Yeah, because you look good.'" Aw.