When fashion designers and journalists meet at a catered party, guess who are the only ones eating?

Council of Fashion Designers of America (CFDA) president Diane Von Furstenberg charmed the crowd at Rockefeller Center Monday night for the announcement of nominees and honorees for its 2009 awards. One of the most popular and effective presidents in the CFDA's distinguished history, she did not hesitate to address the elephant in the room, a certain gaudy party-crasher known as "the recession."

"We will surf the tsunami, and we will do very well," she said resolutely. And coming from her, it was just possible to believe it.

A murmur of delight greeted her announcement that the First Lady would be honored at the ceremony this June. And even in an industry accustomed to glamor, a little "Michelle O" fairy dust still seemed to cling to presenter Isabel Toldeo (who designed the famous inaugural day dress) and the announcement of Jason Wu (he of the strapless white ball gown) as a nominee for the Swarovski Award for Womenswear.

It is remarkable that even the specter of Mrs. Obama could add star power to a gathering that already contained the likes of Von Furstenberg and Carolina Herrera -- who could quite possibly be the most elegant woman in New York City. Elsewhere in the room, Calvin Klein's Italo Zucchelli and Michael Bastian (both nominees for menswear designer of the year) chatted with CFDA executive director Steven Kolb while John Bartlett entertained the effervescent Nadia Swarovski, whose family crystal business (maybe you've heard of it?) underwrites the annual awards ceremony.

"This is my favorite fashion party of the year," explained one guest. "Everyone comes on time, because the announcement of nominees is at 6.30 sharp. And then they leave."

Except the journalists of course, who stick around until the kitchen closes and the bar stops serving. Because in these troubled times, one can never be sure where the next hors d'oeurve is coming from.