You know times are extremely, badly, very tough when even Liz Smith is falling victim to the Recession! The Times City Room blog reports that Thursday will be the gossip doyenne’s last! Apparently currently nefarious editor Col Allan informed her in a letter earlier this month that her contract would not be renewed due to “unprecedented economic gales.”

Smith says that when her column was dropped down to three times a week last year she protested: “I had meetings with everybody. I carried on. Didn’t do any good. Mr. Allan is firmly at the helm of The New York Post, and I was never under the impression that I was his cup of tea….Oh, yeah, I had a meeting with Rupert. He said he wouldn’t interfere with Col Allan. Well, isn’t he right? Shouldn’t publishers believe in their editors?”

We shall see about that last part! In the meantime Smith is doing what all smart, savvy (86 yr old) journos are doing these days! Moving to the web. (On a side note: wowOwow was just listed as one the top 25 most valuable blogs.)