peHUB First Read

* Dan Gross: Look out for the cupcake bubble

* How to kill a startup: Hire executives instead of entrepreneurs.

* Pay gap narrows between early and later-stage VCs, while big buyout firm compensation takes a dive.

* Morning Call: U.S. futures point higher ahead of jobs data, London rises early, European shares back on the upswing, the Nikkei hits a 5-week low and Hong Kong shares rally.

* Paul Krugman: How did economists get it so wrong?

* Fox Business Network officially jumps the shark, agreeing to simulcast Imus during the day’s most important hours.

* BusinessWeek: Headhunters are in surprising agreement as to which companies they avoid when looking for executive talent.

* Tim Geithner proposes tough new global banking rules.

* Felix Salmon: How miscommunication led the Lehman’s collapse.

* Welcome to the library. Say goodbye to the books.

* An Internet addiction center opens in Seattle.

* Are you among those who’ll be sharing a stack of pancakes with Pete Peterson?