This year is a little different at Davos.

It's colder, for starters. And the tone is more somber than in years past.

And then there's the first question journalists ask each other when gathering behind the scenes.

In years past, as journalists cozied up for a cup of coffee or a glass of wine, the first question we'd ask one another was inevitably, "Who do you have lined up for interviews?"

It's that competitive streak we all feel. We have to measure up our "gets" against each other. And we have to make sure we haven't forgotten to ask an obvious newsmaker for a sit-down.

This year though, the question is slightly different: "Who's canceled on you today?"

Because this year, the headline guests are dropping like flies.

Washington got some of the blame. Work on the economic stimulus package and the "bad bank" plan caused a long list of last-minute cancellations: Larry Summers, Sheila Bair, Barney Frank, Chris Dodd, Austan Goolsbee.

Wall Street woes got the rest. Andrew Liveris of Dow Chemical demurred as his deadline for Rohm & Haas came and went. Goldman's Lloyd Blankfein and Morgan Stanley's John Mack sent their deputies. And Barclays' Bob Diamond backed out in the 11th hour.

You can point the finger of blame in many directions. But behind the scenes in the cocktail circles here—among journalists and CEOs themselves—the big talk is about appearances. How does it look to be standing against a backdrop of snowy Alpine ski slopes with the gliteratti when your company—or your government—is facing massive shortfalls and laying people off?

The image problem certainly got to New York Governor David Paterson, who, until Monday, was still scheduled to appear here. The governor, who runs a state facing a $15 billion budget deficit, took blistering media criticism over the weekend, and finally backed out.

People here—even journalists—will admit that plenty of work does get done at Davos. Not just in the conferences, but perhaps more importantly in the bonds that are formed and the friendships that are made. Friendships that often translate into business relationships.

But that's a tough sell in this environment. And many can't take the heat.