peHUB First Read

peHUB Wire readers: Go here for Monday’s First Read.

* If you haven’t seen the Stewart vs. Cramer vids yet, we’ve got them here. Also, James Hibberd offers up a tepid defense of CNBC.

* James Surowiecki: What the hell is Richard Shelby talking about, when he says it’s time to begin “burying” banks?

* Morning Call: U.S. futures point higher, London up 2.8% at mid-day, European shares keep rising and Hong Kong shares jump 4.4%.

* VCs Mike Moritz and Arthur Rock lose their billionaire status. A tear…

* Mercury News: Biotech industry is bracing for a wave of massive M&A.

* David Swensen gets bullish.

* Jason Calcanis offers $250k to be one of Twitter’s “suggested users.”

* Researchers develop a self-healing car. Well, they developed a technology to automatically repair scratches on a car, although it only works once in the same spot.

* U.S. household net worth falls 18% in 2008.

* Photo of the Day. Where Bernie Madoff rested his head last night (thx Clusterstock):