peHUB First Read

Cofee* Great Depression 2009: What it would look like.

* Can’t pay your debts? Just send your lender a hand-drawn spider.

* A refi conundrum as PE loans come due.

* Morning Call: U.S. futures up, VW and banks drag down European shares at mid-day, Nikkei gains and Hong Kong steady in thin trading.

* Scott Kirsner: How entrepreneurs plan to survive — and thrive — the recession.

* Stephen Crawford: Beyond Mark-to-Market.

* Phil Gramm: Deregulation was the right thing to do.

* Gary Morgenthaler will not be a general partner on his eponymous firm’s new fund (sub req).

* Remember all those yellow pages buyouts from 2001 and 2002? Find one in a current portfolio, and I’ll show you a PE firm with a trouble spot.

* Michael Lewis: The End.

* Wallstrip on snowmobile maker Polaris Industries: