Peter Kafka over at All Things Digital posted a balanced perspective today on the growth of ad spending in 2009. While many are extremely pessimistic about online advertising next year, Gawker Media’s Nick Denton for one, Kafka points to a J.P. Morgan report that projects 13 percent growth.

Nick Denton on the other hand was quoted as saying that, “Anyone who isn’t prepared for ads to go down 40 percent is crazy.” Denton recently had a series of layoffs that support his feelings on the matter.