Your customized headlines for Fri, May 4, 2012

Facebook and its selling stockholders could raise $10.6 billion in the company's initial public offering, according to the company's filing.

The social network said Thursday that it has set its IPO pricing between $28 and $35, according to paperwork filed with the Securities and Exchange Commission. The company is offering about 337.4 million shares of its stock.

MADRID — The European Central Bank brought its monthly meeting to the heart of the euro crisis Wednesday, leaving its German headquarters for Spain, a recession-damaged country with 25 percent unemployment. The aim, officials announced, was "to be better known and closer to the citizens."

China is prepared to agree on Friday to take several important steps to open up its markets and level the playing field for foreign businesses, according to a U.S. official traveling with the delegation at the U.S.-China Strategic and Economic Dialogue.

Argentina's hostile takeover of YPF, a Spanish-owned oil producer that is the largest energy company here, was to many economists a blunder that would only curtail foreign investment in a country starving for cash.

MADRID — The European Central Bank brought its monthly meeting to the heart of the euro crisis Wednesday, leaving its German headquarters for Spain, a recession-damaged country with 25 percent unemployment. The aim, officials announced, was "to be better known and closer to the citizens."

—Tumblr of the day: Real talk from your editor.

—Behind the scenes on gay ex-Romney spokesman Richard Grenell's departure.

—Tim Philpott takes a real, hard look at the benefits of industrial vs. organic agriculture.

The direct loss of wealth from dot-com bust was about the same size as from the housing meltdown. Perhaps even a bit less. So why did one create so much more economic damage than the other?

The difference, writes Peter Orszag, is that the housing crisis took place in "the highly leveraged financial sector." And that's why all the models missed the damage it would do: "The macroeconometric models used by the Fed -- like those used by the Congressional Budget Office, the White House and others -- had at best a very rudimentary financial sector built into them." So "they treated the housing collapse as if it were merely dot-com bust 2.0." And that's still the case today, he says. Yikes.

In this era of pricey gasoline, fuel-efficient cars are getting attention. A subcompact Chevy Sonic that gets 40 miles per gallon? Intriguing! But many drivers have found that a car's advertised mileage is often quite different from how it actually performs on the road. So how big a problem is this?