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MILAN, September 23, 2008

By Nicole Phelps

Cristina Ortiz took a second stab at establishing a new identity for Salvatore Ferragamo today. Unfortunately, it didn't fare much better than her bumpy first effort. You could see that she was trying to manipulate elements of the house's accessories into the clothing: D-ring closures on suits, leather shoulder straps complete with buckles for dresses. She played a bit with classics such as the trench and the crisp men's shirt as well, turning the former into a strapless dress and the latter into a bustier with a wide leather belt below the bust. As ideas they were interesting, but in execution they looked tricky. As for her eveningwear, mostly plissé halter dresses with deep bunches of fabric at the waist and hips, the fit was not only unflattering but often poor; nipple slippage is one thing on the runway, quite another in real life.

It's not clear whom Ortiz is targeting with these clothes. They're far too racy for Ferragamo's classic customer, and yet not on-trend enough to woo new ones. If there was a glimmer of hope to be found, it was in her suits. There's still too much going on around the waist—and no one wants to add bulk there—but color choices like a pale lilac or the soft drape of a lapel betray an appreciation of the feminine that seems otherwise curiously lacking in this female designer.

MILAN, September 23, 2008

By Sarah Mower

Miuccia Prada had a sound bite for her Spring collection. "It's primitive," she said, "going back to what counts." And what counts most in a back-to-basics time, when most of us will need truly visceral temptation to get us out and shopping? Why, glamour and eroticism, of course. When the chips are down, there is no one who can turn up the thermostat of subversive sexual provocation quite as high as Mrs. Prada. Her girls, their skin glistening as if on a fevered summer's night, might have been passing through on their way to or from lovers' assignations, their clothes disarranged in various states of falling-off, or looking as if they might do so at any moment. Rumpled and crinkled fabrics have been appearing all over this season, but never with such sly intent. One pull of a trailing drawstring tape and, whoops! A person could find herself half naked. Not that this collection is, of course, at all brassy. From some angles, it can all look like a perfectly innocent summery dishevelment—that is, until there's a glimpse into an open-sided dress, or a cashmere sweater turns to display hospital-tape ties holding the back together (or just about).

There was something fabulously Italian about all this shameless reveling in femininity. The fifties overtones, with the high chignons, the ruched bras, and swishing rear-action in the below-knee pencil skirts managed to channel the heyday of Cinecitta without cliché. Best of all, this is a collection destined to look even better on a woman with a real body than it does on a teen model. And that, Mrs. Prada surely knows, really is "what counts."

Billionaire investor Warren E. Buffett said this morning that his investment of $5 billion in Goldman Sachs reflects a bet that Congress will approve the Bush administration's proposed financial rescue plan -- and that he would otherwise be preparing for possible gridlock in the economy.

"If I did not think the government was going to act I would not be doing anything this week. I might be trying to undo things," Buffett said in an interview on CNBC. "I am betting that the government is going to do the rational thing. It would be a mistake to do anything if the government was going to walk away from the . . . proposal [by Treasury Secretary Henry M. Paulson Jr.]. There is just no telling what would happen."

Calling the current situation an "economic Pearl Harbor," Buffett said that recent events brought the United States "very close to a system that was dysfunctional, that would have gummed up the economy in a way that would have taken years and years," to resolve.

Action on the Paulson plan "is absolutely necessary to avoid going over the precipice."

The administration's plan to buy troubled mortgage loans from banks and financial companies heads for its second day of hearings on Capitol Hill today, amid both widespread criticism of its terms and an underlying sense among lawmakers that something needs to be done to prevent financial markets from locking up entirely. Paulson has proposed spending up to $700 billion buying troubled mortgage loans and related securities from banks and financial companies, clearing from their books a problem that has clogged markets around the world.

President Bush, in New York, said he remained confident that the "give-and-take" of the legislative process would produce a strong plan to respond to the financial crisis.

"I am confident that when it's all said and done, there will be a robust plan. And there needs to be," Bush said.

The price tag of the current plan in particular has sparked a backlash among lawmakers who say their constituents are outraged at the idea of rescuing Wall Street executives who mismanaged their businesses.

Though Buffett said his investment in Goldman was not timed to influence the debate, he made his position clear: that the government needs to act in a matter of days, not weeks, or the problems will get worse, potentially damaging the ability of businesses to obtain the money they need to operate. Rather than costing taxpayers, Buffett said, the rescue plan -- if handled correctly -- should turn a profit as the federal government buys troubled assets at a steep discount.

"It should be a lead pipe cinch to make 10 percent at the type of prices that exist now," Buffett said. "The government is getting $700 billion of assets at what I regard as attractive prices. . . . If I could borrow $700 billion at the government's terms, I'd be doing this."

Buffett's investment in Goldman Sachs, restructured this week as a bank-holding company, represents a major vote of confidence in the battered financial system from one of the country's most respected investors. U.S. markets were up slightly when trading opened this morning.

Buffett has long touted the value of investing in well-known brand names such as Coca-Cola and Kraft because they can charge premium prices for their products and services. Goldman Sachs is no exception.