• Hope you're sitting down for this one. Donald Trump Jr. and his wife Vanessa had a baby yesterday. It was a boy. And he will now bear a burden for the rest of his life: His parents named him Donald J. Trump III. [People]
• Lindsay Lohan is launching a self-tanning line called Stay Gold. Finally! [NYDN]
• "Real Housewife" Bethenny Frankel was spotted using coupons at a hair salon. [P6]
• After dating for about half a century, Harrison Ford and Calista Flockhart may finally be ready to get hitched. [Cindy Adams]
• Please note that Walter Cronkite is not related to social/art scenester Kipton Cronkite, despite his claims to the contrary. [P6]

Donald Trump can be amazing at spin, when he's not being a pig or sexist dinosaur. The latest example: when the real estate loudmouth masterfully tricked a Late Show audience into applauding his latest business bankruptcy.

The mob gathered outside the Trump International Hotel is not comprised of outraged Trump Entertainment shareholders who watched the company file for bankruptcy protection for the third time today. Apparently they're crazy tweens hoping to catch a glimpse of the Jonas Brothers. But at least if Donald Trump is feeling particularly down in the dumps about today's news, he can always walk in and out of his hotel and guarantee himself a few rounds of applause.

It's not all bad news this morning. As expected, Donald Trump's casino company filed for bankruptcy protection for a third time today. Whether it forces Trump to turn the volume down on his bluster remains to be seen, of course, but it should make the next season of The Apprentice, which premieres in two weeks, delightfully ironic. [Reuters]

Donald Trump's casino group is expected to file for bankruptcy, the Wall Street Journal said, less than two weeks before the new Celebrity Apprentice starts. This is among Trump's most embarrassing failures.

[Temporarily disgraced Miss USA Tara Conner with her creepy old benefactor, Donald Trump. They're promoting the new reality show "The Girls of Hedsor Hall" which looks dreadful; image via Getty]

Hope Donald Trump is huddling with his accountants today and not filming his 7,236th appearance for Fox News or Larry King Live. His casino company has two weeks to sort out its debt issues before it faces a third trip to bankruptcy court. [AP]

Tom Cruise bought a special car to ward off anti-Scientology protesters and other agents of Xenu; Britney Spears can ward off the blues with the sari from her new boyfriend.

Of course, you already knew that Donald Trump's kids were unassuming, salt of the earth types, but this interview with Don Jr. and his pregnant wife Vanessa just confirms it. For Christmas this year, the couple will be at their "modest" three-bedroom home for "an unpretentious occasion" with no lavish gift giving, "just a few framed photos and albums for [their toddler] Kai's grandparents and charitable donations made in their relatives' names." They also kindly share their favorite recipes with readers, although clearly Don prefers to cannibalize his own child.

We can't imagine why the auto industry is struggling right now: Why, just yesterday, Donald Trump strolled into a dealership in Palm Beach and picked up a Dodge Ram truck! And it's just as good as any car made by a foreign manufacturer, he tells Greta Von Susteren. He then goes on to explain that he usually insists his employees only buy American cars, before backtracking moments later and admitting he buys "both foreign and domestic" vehicles. Good thing, too, because last time we checked, neither Rolls-Royce, Maybach, or Ferrari had been purchased by GM.

Donald Trump is currently getting sued by Deustche Bank for refusing to pay $40 million on a loan that he personally guaranteed. He's probably having some (relative) money troubles. But none of this is his fault! Which is why he is countersuing the bank for $3 billion. It's really the least they can do to make up for their wanton persecution of Donald Trump:

♦ It's not just creditors going after Donald Trump these days: An employee of Trump's golf course in LA says in a lawsuit that the club prohibited her from taking lunch and bathroom breaks. She's only asking for $15,000, though, so obviously she didn't learn much during her stint working for the real estate mogul. [TMZ]
♦ A lawyer for Kelly Ripa and Mark Consuelos says there's "not a shred of truth" to the rumors the couple is splitting up. [OK!]
♦ Britney Spears' birthday party didn't exactly go as planned. None of her close friends showed up and onlookers say she spent the whole time looking "vacant" and "empty." [R&M, P6]
♦ NBC is furious that news of David Gregory's Meet the Press promotion leaked earlier this week. The likely culprit? NBC political director Chuck Todd. [P6]

Welcome to the most depressing paragraph you're likely to read today:

♦ Hockey star/former Vogue intern Sean Avery was suspended from the NHL indefinitely yesterday following "inappropriate public comments" about ex-girlfriend Elisha Cuthbert. "It's become like a common thing in the NHL for guys to fall in love with my sloppy seconds," he said referring to Cuthbert's relationship with fellow hockey player Dion Phaneuf. [NYP]
♦ Britney Spears celebrated her birthday and album release yesterday by lip-synching her way through a performance on GMA and then heading off to Tenjune, where she partied with the likes of Heidi Klum and Lance Bass. The comeback may be short-lived: She's still abusing prescription drugs and is "plagued by insomnia and shaking fits," at least according to the Star. [The Sun, ThisIsLondon, Star]
♦ Blake Fielder-Civil, Amy Winehouse's estranged husband, just got out of prison. But now it looks like a return trip is in store. [Mirror, Daily Mail]

• Despite showing off her cleavage, Britney Spears managed to attract only the likes of Lance Bass and Ciara to her big 27th birthday party at Tejune. But that's still a better guest list than she'd have been allowed at either of the mental hospitals she visited this year. And she's finally the center of America's attention!

What's this—monetary distress for Donald Trump, the richest man in the universe? Trump is being sued by Deutsche Bank for failing to pay off a loan for his new Chicago high rise tower, which he personally guaranteed to the tune of $40 million. That makes it a great time to raise the perpetual question, "How much is Trump really worth?" A safe guess: far less than he was the last time anybody took the trouble to calculate:

You probably won't find a smile on Donald Trump's face today. A month ago, it was reported that Trump's 92-story Chicago property, the Trump International Hotel & Tower, was on the brink of bankruptcy since Trump had fallen behind on debt payments as he struggled to line up residential and commercial tenants for his over-the-top condo/hotel/retail venue. Now the bank that extended him the millions to build the property, Deutsche Bank, has filed suit against Trump. [WSJ]

No wonder the Trump kids seem so screwed up: When asked by Portfolio about some of their childhood memories, Donny Jr. and Eric tell a story about how their dad repeatedly reminded them to "never trust anyone," something Eric says he started hearing on a daily basis beginning at the age of four. (Trump insisted that the rule applied to the boys' own father, too, which come to think of it, was actually pretty solid advice.) Listen to the sad childhood story for yourself after the jump.

It's official: The art market has crashed and just like with real estate, expensive artworks are now worth considerably less than their owners paid for them. Shares of Sotheby's, worth $50 a year ago, have fallen to $9, and the auction house is now planning to let staff go—or, as CEO William Ruprecht puts it, "we'll be resizing our organization." Previously white-hot artists are finding that collectors are no longer fighting to pay millions for their pieces, although it's hard to feel too bad for anyone who's ever sold a canvas daubed with paint for seven figures.

♦ Alexander Wang was the big winner at Monday night's fifth-annual CFDA/Vogue Fashion Fund awards at Skylight Studios. Wang and fellow nominees like Richard Chai, Jason Wu, Lisa Mayock and Sophie Buhai, Irene Neuwirth, Alejandro Ingelmo, Juan Carlos Obando, Albertus Swanepoel, Swaim and Christina Hutson, and John Patrick were feted by John Galliano (left, with Charlize Theron), Anna Wintour, Diane von Furstenberg, Sally Singer, Andrew Rosen, Reed Krakoff, Jeffrey Kalinsky, Julie Gilhart, Julie Macklowe, Daphne Guinness, Sasha Heinz, Tory Burch and Lyor Cohen, Andre Leon Talley, Narciso Rodriguez, Maria Sharapova, Penn Badgley, Zac Posen, Vera Wang, Chanel Iman, Juliette Lewis, Harvey Weinstein and Georgina Chapman, Tommy Hilfiger and Dee Ocleppo, Lauren Santo Domingo, Peter Som, Piper Perabo, Phillip Lim, Lazaro Hernandez, Maggie Betts, Calvin Klein, Damon Dash and Rachel Roy, and James Franco. [PMc, NYO, Style.com, The Daily]