A statue of an Oscar stands in a bed of roses outside of the Kodak Theater in Los Angeles. (Associated Press)

LOS ANGELES -- Threatened by possible showers, the red carpet is still covered in plastic. So are oversized Oscars lined up to the Kodak Theatre, and a giant plastic tent arcs overhead where the Brangelina celebrity parade will strut.

But the Academy Awards' spin doctors still have convinced the public that their 81st extravaganza is not going to be a dreary downer tomorrow, even if it does rain.

They are fighting the 'be-modest' mantra. For weeks, we have been hearing: "Downscale, put the bling away, mute the parties, don't throw it all in the faces of people facing hardship in the first new millennium recession."

But doom-and-gloomers might have gone too far. Leave it to a style maven to set the record straight.

"It's a recession, not an apocalypse," InStyle magazine's fashion director, Hal Rubenstein, memorably told the Los Angeles Times this week. He insisted the Oscars need glamour, however excessive.

"Would you really want to tune in and see a bunch of women walking down the red carpet in black pantsuits?"

But major media are still wary. "We're were just talking about that issue today," Entertainment Tonight host Mary Hart told Sun Media yesterday. "How much do you want to remind viewers about the Hollywood lifestyle in tough times?"

Yet people want escapism, too, Hart says: "The challenge is to strike a balance."

MYSTERY STARS: The Academy has done a splendid, if pointless, job of hiding who is going to present the Oscars. For years, the list was announced in advance. This year -- no! -- and presenters have even been asked to skip the red carpet. They are supposed to sneak into the Kodak by a private entrance.

So far, only one serious name has risen, for tween appeal: Twilight's Robert Pattinson. Meanwhile, other celebs have already backed out, with no public repercussions because their names were secret anyway.

But it is safe to assume that some of last year's prominent winners will be back, as is customary. Actors copping Oscars a year ago were: Daniel Day-Lewis, Javier Bardem, Marion Cotillard and Tilda Swinton. Day-Lewis is hoopla-shy. The others can handle the assignment. Some or all will be among presenters.

PARTY SCENE: Even with the scaling back, the Hollywood party circuit is active. They don't call it Tinseltown for nothing. The late Sunday highlights include:

* The Vanity Fair party, the most prestigious. Only A-list stars are invited. Actresses even change gowns, post-Oscars, to attend. And you need an invite. Paris Hilton was refused entry even though she appeared naked on the mag's cover in 2005! It gives you an idea. Still, like the others, this party is downsized. Graydon Carter, editor-in-chief, is making it more intimate and has moved the venue from Mortons, the famed Beverly Hills steakhouse, to the Sunset Tower Hotel. Decor from previous years is being recycled to save money and be eco-friendly.

* Madonna and Demi Moore have teamed as hosts of a new, exclusive private party that could steal stars from Vanity Fair. Reportedly, it will take place at the home of Guy Oseary, Madge's manager. The guest list is glamourous: Tom Cruise and Katie Holmes, Ellen Degeneres and Portia de Rossi, as well as names such as Cameron Diaz and Orlando Bloom.

* Prince wants to share the love. He has hired a film crew to record his private post-Oscar party and post clips on his website (lotusflow3r.com). Last year, Prince attracted 300, including Marion Cotillard, Penelope Cruz, Sean Penn and Diddy. Stevie Wonder hosted a jam session in the living room.

* Since 1993, Elton John and husband David Furnish have thrown an AIDS research benefit after the Oscars at the Pacific Design Center. They will do it again and then dash to the Madonna-Moore bash.

* Last, not least, Mercedes-Benz will take over the Montage Beverly Hills hotel. Samantha Ronson (Lindsay Lohan's girlfriend) will DJ while Zac Efron, Marisa Tomei, Ben Stiller, Mickey Rourke, Freida Pinto, Natalie Portman and Robert Pattinson are expected.