The Hollywood Foreign Press Association announced the cancellation of the 2008 Golden Globe Awards telecast yesterday due to the Hollywood writers strike.

The cancellation is a win for the Writers Guild of America, who convinced Hollywood stars to boycott the event.

The winners will be announced at a news conference at the Beverly Hilton on January 13th.

No red carpet, no after parties, no glam, no sightings of Hayden Panettiere. No fashion faux pas, no magnificent fashion moments, no sparkly diamond jewelry.

The chief econ guy at the LA Economic Development Corporation Jack Kyser, estimates the local economy will be losing out on $50 to $70 million.

The next problem? Will the Academy Awards suffer the same fate? Will the entire award show season go away because of the strike?