Last night I showed up at the 92nd Street Y in New York City, to witness Washington Post fashion writer Robin Givhan and designers Isaac Mizrahi and Ashley Olsen participate in a panel discussion on the future of women’s fashion led by Glamour editor-in-chief Cindi Leive.

With the economy stuck in a recession for more than a year now, the fashion industry has had to make some adjustments and even start new initiatives, like last month’s Fashion’s Night Out, to get people interested in spending again. So, what do these insiders think about where fashion is and where it’s going? Keep reading to hear what they had to say.

There were plenty of celebrities (Kathy Griffin was all up on it) and gorgeous Amazonian girls backstage at Isaac’s show, but this was the only sandwich anyone touched. For those not invited to the event itself, Mizrahi live-streamed the show on his site. What a sweetie. [New York, 09/18/09]

Olivia Wilde is Maxim‘s top pick for their annual Hot 100 List. [Asylum]—Megan Fox probably didn’t mind coming in second because she wants to get freaky with Olivia.

Former Miss USA Shanna Moakler has resigned from her position as co-executive director of the Miss California USA Pageant, saying she no longer believes in it and has to be a role model to her children. [Perez Hilton]—She has nothing going for her now.

Nicole Kidman has quit Woody Allen’s untitled project, but she didn’t give a reason. [Dlisted]—Don’t these chicks know you don’t quit a job in a recession? Oh yeah, they’re celebrities.

In the midst of New York Fashion Week, we’ve learned a few more details about Bravo’s upcoming show, “The Fashion Show” (the “Project Runway” replacement). The show will pit professional designers against each other for a chance to have their designs sold at a yet-to-be-named major retail outlet. Who will be judging them? Well, a studio audience will have a say, along with hosts Isaac Mizrahi and Kelly Rowland (formerly of Destiny’s Child), and judge Fern Mallis, SVP of IMG Fashion (which runs New York Fashion Week).

So, Mizrahi takes Michael Kors’s place as the “top American designer,” and Mallis fills Nina Garcia’s shoes as the fashion insider. Does that mean Roland is supposed to take over Heidi Klum’s role? If so, she’s gonna need a new, more fitting catchphrase—auf Widersehen just wouldn’t work.

Liz Claiborne scored a coup last year when they snatched fashion designer/talk show host/lover-of-the-head-scarf Isaac Mizrahi from Target, where he reigned for the last five years, bringing in sales of over $300 million a year. We had to wait until his Target contract expired, but he is finally launching his collection, beginning with a few looks this week. So far, the pieces look fun, the standout being the blue-striped number. The appeal of the new line (and the challenge to Isaac) is bringing the cool back to the staid work wear company. I vote he re-launches those awesome Art Deco triangle perfume bottles from the ‘80s. That would be rad. [Liz Claiborne: Isaac’s Picks]

Do you remember what was playing when you lost your virginity? Someone at The Frisky lost hers to Willie Nelson [Oh, heck, it was me.—Editor], which is an interesting choice, no? Pierre Bouvier of Simple Plan lost his to Warrant’s “Cherry Pie,” and Cobra Starship’s Ryland Blackinton was listening to the Home Improvement theme song. In a Virgin Mobile survey, 25 percent chose “It’s Your Love” by Tim McGraw and Faith Hill as the best song to lose your virginity to, which is just too sweet. But, like, how many guys have that in their iTunes? That song beat out “Feels Like the First Time”  by Foreigner, “Like a Virgin” by Madonna, and “Give It To Me” by Timbaland. Basically, those choices make us want to vomit, they’re so cliché.

Two other interesting, unrelated pieces of information:
The View co-host Sherri Shepherd has her phone set to play Beyonce’s “Irreplaceable” or Gloria Gaynor’s “I Will Survive” when her ex calls, and fashion designer Isaac Mizrahi’s phone plays Rihanna’s “Umbrella” whenever his boyfriend calls. [PR Newswire]