More bad news this morning from staid British paper, The Telegraph, which reports that Uggs are recession proof. What the F? Ugg Australia, the Californian company that helped bring the boot to the world, is on track to hit sales of $400m this year, after second quarter results that showed a 130 percent rise year on a year ago. The company just opened its first European store in London's new mega shopping complex, Westfield. Other recession-proof pieces according to The Telegraph: "cheap cashmere." Eh? Isn't anything "cheap" by definition recession-proof?