Check out the wheels: $540 bucks on the hoof. The First Lady's hoof, er, hooves.

The economy contracts at more than 6 percent in the last quarter (not that the "enchanted" White House press corps asked the Celebresident Obama about that); Chrysler declares Chapter 11 bankruptcy, and many cities are posting  double digit jobless rates; and Michelle goes gauche and garish with metallic pink toed "trainers" by Lanvin.

What next--bling-bling?