"Rather than trying to keep the machine running by pumping out high-price hand bags, watches and other goods, he proposed the unthinkable: the entire luxury industry should slash prices. “We need a return to reason, decency, discretion, beauty and creativity — in other words, to true values,”

-Mr. Némarz, New York Times

Mr. Nemarz, chairman of the prestige jewelry firm Mauboussin, said what I've been thinking for a while. This fashionista post definitely got me started thinking along this track, and it's been something I've been pondering for a while, because we've all got to admit that prices for clothing have gotten a little out of control recently. $1385 for Wedges? $595 for a pair of sneakers?

I don't want interesting, innovative and new companies going under. I don't want the people working in the fashion industry to be left jobless. As an econ major I've learned about deflation, and I certaintly wouldn't want us getting stuck in a quagmire like Japan did.

But that being said, a little bit of rationality might not be such a bad thing. Being able to get a pair of balenciagas for less than $1000? should that be as outrageous as it sounds?