The Daily Beast posts a piece by professional party-goer/reporter Deborah Schoeneman that notes bottom lines are at the breaking point, so companies known for lavish holiday celebrations are downsizing. This year, the shattered economy has canceled Christmas. The emails keep pouring into employee inboxes that their companies just can't justify the expense (nor the expense of seeming frivolous in these dire days). Hearst was among the first to cave, and other corporations have quickly followed, like Conde Nast, MTV and UBS' Wealth Management division. All three parties (LA, NY and DC) at ABC News were canceled, in the same memo that asked all executives "to stay in 'B' level hotels." Even Google is Scrooging this year. We shudder to think of the implications this will have for Ad Age's annual Swag Watch.