Oscar winners like Cate Blanchett head straight to the Vanity Fair Oscar Party after the show, via Yahoo

It's no secret that Vanity Fair throws THE Oscar Party of the year. But last year's party was canceled out of respect for the writers' strike.

And this year, amid rumors of an actors' strike and the reality of a slumping global economy, Hollywood has been abuzz with the question: Will VF's extravagant gala again be axed?

Well, CGG has the answer: Nope! Vanity Fair editor Graydon Carter has announced that the bash is indeed on, albeit in scaled-back fashion.

Yet there will be more green than ever before: Vanity Fair will be recycling decor from parties past in an effort to make the party more eco-friendly . . . and no doubt less expensive!

While we applaud this earth-saving move, CGG hopes that once the economy improves, VF won't abandon their environmentally-minded new habit. Be green and you'll have more green -- why throw money, not to mention easily reusable drapery, centerpieces, intstallations, etc., out the window, er, into a landfill?

Have you gone green by accident in this bleak economy? Let us know after the jump! Then join the thousands of schools across the country in a cool competition: Get your classmates together to decrease your school's carbon footprint and win cash! Learn more at Increase Your Green.