peHUB First Read

* Stock drops all around: U.S. futures are down, Europe falls on weak financials and Japanese automakers punish the Nikkei.

* It’s not big news that Wall Street bonuses will be smaller this year. The real news is that there will even be Wall Street bonuses this year. Talk about money for nothing. At least the Epicurean Dealmaker gets it.

* Fill up those gas jugs now, because oil is heading back $100 a barrel.

* Who should Obama pick to be the federal government’s next chief technology officer? John Doerr suggests Sun Microsystems co-founder Bill Joy, who also happens to be a partner with Kleiner Perkins.

* Michelle Leder proposes Nell Minow for SEC chair.

* Portfolio lets you pick the next Treasury Secretary (let’s all work to shift sentiment away from Larry Summers).

* National Lampoon’s dealmaking prowess?

* Fred Wilson on VC portfolio screens.

* Layoffs begin at Goldman Sachs.

* May Meeker’s slideshow on tech trends, from the Web 2.0 Conference in San Francisco (h/t Kedrosky):