peHUB First Read

* Jeremy Grantham: The last hurrah and seven lean years.

* peHUB readers will play softball at Fenway Park this afternoon, for the Field of Dreams event. You’re going down, TD BankNorth…

* Morning Call: U.S. futures point lower, London drops early, European shares retreat, the Nikkei keeps rising (despite Toyota) and Hong Kong stumbles.

* Nicholas Carson: Should Google spin out YouTube?

* The Economist: Why do people turn subprime?

* Quote of the Day I comes from Owen Thomas, who is leaving Valleywag to join NBC Bay Area: “I will say that people in Silicon Valley really do want to change the world, but they want to change the world from one in which they’re poor to one in which they’re rich.”

*  Quote of the Day II comes from President Obama: “In the next hundred days, we will house train our dog Bo, because the last thing Tim Geithner needs is someone else treating him like a fire hydrant.”

* Scott Kirsner looks into the rumors swirling around Fidelity Ventures.

* Claire Miller: “Venture capital is starting to move away from its infatuation with alternative energy and returning to one of its traditional strengths: Applying information technology to improve the efficiency of energy consumption.” Sorry to demur, but I think they’re continuing to do both…

* SNL on the bank stress tests: