peHUB First Read

Cofee* Henry Blodget: Why this recession will be a doozy.

* A fine line between panic and swift action: Scott Kirsner gets thoughts on the current mess from David Aronoff (Flybridge Capital), Bijan Sabet (Spark Capital), Furqan Nazeeri (Viridus Inc.) and Doug Levin (ex-Black Duck Software).

* State Street is out with its latest private equity performance index, and is seeing red. On the other hand, PE compensation somehow ticked higher (sub req).

* U.S. futures are up, as everyone keeps an eye on earnings.

* Need to know how the economy is doing? Just examine the changing body types of Playboy Playmates (academic research can be so demanding…).

* Heidi updates the Lehman bankruptcy, by the numbers.

* Barry thinks the capital gains tax issue is currently irrelevant, since most people don’t have gains. But that’s not slowing the number of small-cap and mid-cap company owners (often founding families) hoping to find buyers who can seal the deal in 2008. After all, the Congressional argument may echo Barry: We’re raising the rate, but it affects an incredibly small sliver of people.

* Wallstrip on market whiplash: