Leigh Gallagher of Fortune Magazine and Cardiff Garcia of FT Alphaville discuss this week on Wall Street.

On the Facebook IPO:

Leigh Gallagher: I think probably the biggest issue was the disclosure that looks like it went to a few analysts who cut their estimates, and didn’t go to everybody, which was a big deal in this case because it had such an unusually high number of retail investors. Everyday individuals wanted in on this stock for an obvious reason — we all know Facebook. It’s like the old Peter Lynch: Buy what you know.

On Europe:

Cardiff Garcia: Here’s the thing with what’s happening in Spain, I think. This is also part of the problem with weak economic growth there, and you’ve heard the phrase, “When the tide comes in, you find out who’s naked.” That’s what happens in a recession. What we’re finding out more and more is confirmation that Europe is already in a recession. So what’s happening with the Spanish bank Bancaja is that all along, it was in worse shape than we thought. And it’s impossible to cover that up when the economy gets worse and worse. And unfortunately, it doesn’t look like there’s any end to that now.

For more analysis, listen to the audio above.