In this new anti-luxe atmosphere — wherein editors have been repeating “cheap is the new black” as a way to justify their salaries — retailers and big brands are engaged in a furious race to the bottom. Well, it looks like Mango, the H&M of Spain, may have finally hit bedrock. Already known for their questionable construction and ability to get top-flight spokesmodels — Penélope Cruz, ScarJo, etc. — to sport their wares, Mango has just launched THINK UP, their “solution to the difficult economic climate affecting shoppers around the globe.” Call the IMF. We’re saved. Seriously, though, the budget line — prices start at $24.90 — will be gathered from existing seasonal stock and, because nothing truly exists unless it has a social-networking angle, it already has its own appropriately chic blog, www.mangothinkup.com. This is all well and good, but it begs a question: If Mango can shave significant percentages off its less-than-stellar quality goods, were we being overcharged? Something to think about.