peHUB First Read

Cofee* It’s official: Much of Europe is in a recession.

* CIT to become a bank holding company. I wonder if Harrah’s will be the next pig at the federal trough. After all, it does give certain players lines of credit.

* Morning Call: U.S. futures lower after yesterday’s rally (then again, they were also lower yesterday morning), Europe rebounds except for the FTSE, Hong Kong and Nikkei gain.

* Paul Boutin speaks Valleywaganomics.

* Felix Salmon: Is your money safe at Citibank?

* VCs discuss online video investments at NewTeeVee Live.

* Heidi live-blogs the hedge fund hearings.

* Fortress reported a $20 million Q3 loss.

* Video of the year. Peter Schiff was right, and his fellow pundits (particularly the smug ones on Fox) had no idea what they were talking about. Cavuto went so far as to compare Schiff’s worry over Wall Street stability to an expose on Santa Clause: