debt problems. let's bring in our chief business correspondent ali velshi who is watching all of this. we're about to know any minute now, ali, how much the stock will go for. >> bottom line is they could take hours. we think it will come out very, very quickly. the top of the range is $38, all indications are that facebook is oversubscribed. there are more people who want to buy the stock than there are stocks available and as a result they're going to the high end of the range and they can go higher, but we're thinking about $38 and that is the price at which institutional investors will get it. that's not the price that retail investors at 9:30 who want to buy it are going to get it. it's important to understand. look at that loss on the dow. that's got nothing to do with facebook. that has more to do with what's going on in europe and the average person, greece has more to do with your economic life than facebook. there will be a whole bunch of people who will get a lot richer overnight and they will pay a lot of taxes. the state of california stands to gain $2 billion in tax revenue because of all these people who will owe tax on their new gains. if you're in the state of california or any state in the united states $2 billion out of nothing is a big windfall. >> $2 billion is huge, and i'm sure the state treasury could ask that money. just ask the governor jerry brown. they'll come out with a price and tomorrow when the stock starts trading on the nasdaq people will see it go up or go down, there's no guarantee in this business at all that it will continue to go up. >> the price today will be what the institutional investors will buy it for. it could start trading at any time. generally speak it's around 9:30. sometimes they come out at 10:30 and 10:40 and sometimes it takes a few minutes to start trading and that's when you can put a trade in through e.trade or schwab or ameritrade account and you will pay what the market offers. you will pay up to $40 and the stock's trading at $50 you're not going to get it. you'll pay whatever it is and you're buying stock from people who bought it at the ipo price or back in the old days when they were venture capitals and they got stock in exchange. these are people who have been in the company four or five years and they want to monetize their investment and they want to sell the stock to you at a profit and you want to own it hoping that you will own it in a year or two years or three years. remember, if you feel it important to invest in facebook for you, it doesn't have to be all of your portfolio and you don't actually have to buy an ipo the first day. there's nothing wrong with waiting and buying it next week or a month from now. the reason we do this coverage is so many people are eager to get on the stock. i'm getting all of these e-mails and tweets saying how do i buy it? how do i buy it? i'm saying think about this, maybe it makes sense to buy facebook, maybe it doesn't. >> you can't afford to lose money because there's every possibility that it can go down after it goes up and that's the nature of the stock market. don't do it unless you can afford it and you're not going to be all that concerned. good advice as usual. the initial public offering should turn many facebook employees into instant millionaires and billionaires. let's check the scene in california. dan simon is joining us from menlo park. there are a lot of millionaires working at facebook right behind you. >> exactly right, wolf. the valley, silicon valley is expecting a huge windfall of money throughout the economy. you're talking about new home sales, car sales and we're expecting to get a piece of that facebook money that will be available shortly. hundreds if not thousands of millionaires in this complex behind me. let me tell you what they're going to be doing tonight and this is an interesting public relations move that facebook is doing. they're doing a hack-a-thon. this is for all facebook employees to bill whatever they want to bill and get back at the company's roots in terms of billing stuff. so employees will be coding at their computers and doing all kinds of projects not related to their job. however, if they find something that catches fire that can be their full-time job. mark zishgberg will be here with the employees for this hackathon tonight. this is the 31st hackathon and some of the most inon vaft features came as a result of the hackathon including the light button. the hackathon will end as soon as the nasdaq bell is rung and they'll do it at 6:30 a.m. local time. >> have you been speaking to a lot of the folks over there and a lot of the workers? what kind of reaction are you getting from that? >> reporter: you know, it's interesting, you can't get much access to the employees because they're under the quiet period leading up to the ipo, but when we spent the last couple of weeks talking to various experts in the valley and this is all everyone is talking about. there's been talk about the facebook valuation. most people we talked to said this does not suggest a bubble and facebook is in its own val -- it's bubbling a bit in terms of its own valuation and the bubble that you see taking a lead on this, they actually have lots of users and they have actual profits and they have solid business plans unlike say what we saw a dozen years ago when the bubble burst with web 1.0. dan simon reporting to us from menlo park, thank you. i want to go right to alison kosik. i take it "the wall street journal" and others are reporting what ali suggested, $38 a share? >> exactly. that's what the ipo is expected to be according to "the wall street journal" for facebook that will price at $38. we were give then range of $34 to $38. that had actually been raised throughout the week because of so much interest in this stock. one investor called this nothing short of pandemonium. when it stock opens tomorrow morning at the:30 an hour later when things start rolling if you're an ordinary investor trying to get in on this, good luck getting the $38 price. those orders have been in. you have the buyers and sellers working feverishly and they're bidding the price up most likely and don't be surprised if the $38 shoots up higher in minutes. >> you said at $38 and now it looks like $38, not a huge surprise. >> the way a company prices an ipo is they want it to be attractive enough that they think they can get money off of it, but high enough so the initial investors, the ones that bet on you and invested in you will get a good return on your money. so it's a complicated dance that companies do with their investment bankers, morgan stanley, in this case, where they say how much can we charge for this? they started $28 to $35 and mark zuckerberg and team hit the road and they went to these investor meetings and there were more people coming to these meetings and there was standing room only and people said we want a lot of shares and so they kept pushing that price higher and higher and higher. so $38 was the top of the new range that they suggested they would offer it at. that's the price that if you said you wanted to buy the stock and you were a big, institutional investor that's what you will get it at. tomorrow morning some people will be eligible to sell their shares. facebook is putting shares on the market and then there will be buyers as allison said. our viewers might be some of those buyers. if you are going to be a buyer tomorrow morning and again, this is a personal decision, this is not an endorsement of facebook. here's the thing, make sure you put in a limit order because if you put in a market order no matter what price, you could end up paying far more than you expected for shares of facebook. >> we'll see what the market does tomorrow, but more important we'll see in the weeks and months that follow. one day does not make a stock as we know from personal experience. don't go too far away. i want to move on to other important news we're following on. including the passing of a ledge endary music winner, donna summer died after a long battle with cancer. she was 63 years old. let's turn to our entertainment corresponde correspondent nisch elle turner. the entertainment and music world are simply reeling over the loss of a successful singer whose career spanned decades. ♪ ♪ ♪ last chance for romance tonight ♪ >> donna summer's last dance revved up nights at the disco. her voice became the soundtrack of the '70s dance scene and she was the queen as seen here on the performance on "american bandstand." summer's career took off with "love to love you baby." the song was considered too racy in 1975 fueling its appeal with fans. summer's other disco hits included "hot stuff" and "bad girls." her song "she works hard for the money" became the anthem of the '80s. ♪ ♪ >> reporter: and summer worked hard touring and performing for nearly two decades before slowing down to focus her personal life and her faith. in spite recording less, her fervent fans stuck with her through the years. in a 2008 interview with cnn summer spoke about the appreciation she had for their loyalty. >> it makes me feel blessed. completely blessed. i don't have an answer for it except i have the favor of god on me. it really is, i go away and come back and they're there and it's, like, wow, what a remarkable thing. ♪ ♪ >> reporter: summer's most recent album "crayons" was released in 2008 and she had an appearance later that year on "american idol". ♪ ♪ >> in spite performing music in a variety of genreses summer retained her title as queen of disco, a moniker she didn't mind. >> it's nice being the queen of something, darling. >> reporter: she died after complications of a long, private battle with cancer. she was surrounded by her family at home in florida. >> that song was, you know, was a song i'd get to sing at the end of every show, mostly and by that time i'd finish the show, that was a good song. ♪ ♪ ♪ a representative tells cnn that summer's family asked that in lieu of flowers they would like people to make donations in donna's name to the salvation army. >> our deepest condolences to the entire family. >> thanks very much. mitt romney rejects a proposal to bring back a controversial figure from the last presidential campaign. the uproar over a proposed ad offensive that aimed to hit president obama on a sensitive issue and the obama white house adds a few extras to the bog arres biographies of former presidents. jack cafferty is next. 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[ female announcer ] the sun powers life. ♪ and now it powers our latest innovation. ♪ introducing the world's only solar-powered home energy system, which can cut your heating and cooling bills in half. call now to get up to 1,375 dollars in rebates. or zero percent financing for 18 months on select lennox home comfort systems. offer ends june 15th. plus download our free lennox mobile app with an energy-savings calculator to show how much you'll save with a lennox system. if your current system is 10 years or older, start planning now and take advantage of special financing. so call now to get up to 1,375 dollars in rebates. or zero percent financing for 18 months on select lennox home comfort systems. offer ends june 15th. and download our lennox mobile app -- free. lennox. innovation never felt so good. >> jack cafferty is here with "the cafferty file." jack? >> president obama is under fire for adding his own policy plugs to the official biographies of past presidents on the white house website. here's how it works. the white house added blurbs to the ends of official biographies. the so-called hey did you know factoids appear on every president going all of the way back to calvin coolidge, for example, june 28, 1985 speech, president reagan called for a fair tax code where a millionaire didn't have a lower tax rate than his secretary. today president obama is calling for the same thing with the buffett rule. the these added links call for the repeal of don't ask don't tell. the rnc has created its own obama in history website. it shows the president is part of other historical events like the moon landing and the declaration of independence. and with historical figures like einstein and richard nixon and of course, elvis. the white house insists the biographies themselves were not changed. they say they simply added links at the bottom of each page and it's a commonly used internet practice to explore people further. while these additions didn't cross the line by changing the presidential bog arrests themselves, the white house could have made it clear that they were not part of the official white house presidential biography. here's the question. is it appropriate for president obama to change the official biography pages of past presidents on the white house website? go to cnn.com/caffertyfile and post a comment on my blog. go to my post on the situation room's facebook page. a weighty issue, but interesting. >> most people would say it's not appropriate, but curious to hear what they think. >> it wouldn't be the first time a politician would do something inappropriate. >> the advertising offensive that would have brought back a rather controversial figure from the last presidential campaign. let's bring in our national political correspondent jim acosta. a fast-moving story here, jim, what do we know? >> that's right. at a campaign event earlier this afternoon in florida, mitt romney condemned a proposed ad campaign aimed at dredging up the president's pastor reverend jeremiah wright, it's a sign of how this race could be no holds barred. >> it was a pitch to tear down the president laid out in this proposal by "the new york times" that recommends hitting barack right between the eyes. they plan to end the spending for good. the proposal sketches out a serious of tv spots with jeremiah wright in the clips that nearly derailed his 2008 campaign. >> not god bless america. >> ending spending says it received a proposal, but rejected it. >> we've got to stop this incredential spending. >> reporter: the pack is aligned with online brokerage tycoon joe rickets seen in his own web video railing against the national debt. rickets is neither the author nor the funder of the rickets plan to defeat mr. obama. it is filled with racial overtone, referring to obama as the metrosexual, black abe lincoln. it was at the kickoff of the democratic national convention in charlotte. vice president joe biden questioned the morality of the planned offensive. >> i think guys like that so misunderstand the statement. they act like it's 1942. >> it's leak breakfast is served. >> reporter: when asked about the campaign plane, mitt romney said he hadn't read it yet. >> i haven't seen the papers this morning. >> governor, do you think reverend wright is off limits in his campaign. >> reporter: slammed by the obama campaign for the nonresponse romney went further at a campaign event later in the day. >> i repudiate that effort. i think it's the wrong course for a pack or a campaign. i hope that our campaigns can respect ofly be about the future and about issues and about a vision for america. i've been disappointed in the president's campaign to date which has focused on character assassination. >> but the gop contender did raise the question of wright's influence on the question earlier this year in a radio interview with sean hannity. >> the president takes his philosophical leanings in his regard not from those who are ardent believers in various states, but instead on those who would like to see america more secular. i'm not sure which is worse, him listening to reverend wright or him saying that we must be a less christian nation. romney defended those comments. >> i stand by what i said, whatever it was. >> reporter: back in 2008 john mccain was offered the chance to use jeremiah wright in his race against president obama, but he declined saying he did not want to run that kind of campaign. without spending a dime on air time. >> one thing i don't understand, he strongly ran away from the whoefl proposal today saying it wasn't his proposal and doesn't want anything to do with it and he wants to deal with the economic, substantive issues of his campaign. why didn't he tell through a spokesman that same thing to the new york times before they went to press? >> reporter: that's a very good question, wolf. this response that came from joe rickets came several hours after that article first appeared in "the new york times," and i think what basically happened was pressure was starting to come to bear on joe rickets, on this political action committee. keep in mind, rahm emanuel, the mayor of chicago is not pleased with joe rickets. the washington post is reporting that the mayor of chicago is very upset with joe rikts and he's the owner of the chicago cubs and he wants to keep people in chicago happy and he's not doing that. >> it's on our blog, cnn.com/situationroom, just posted that blog a little while ago. jim accost a thanks very much. joe biden gets emotional at an event talking about the tragic death of his wife and daughter coming up. one of the surviving members of the fatal car crash, the vice president's son, bo bo biden, attorney general of delaware will join us here in "the situation room." if you made a list of countries from around the world... ...with the best math scores. ...the united states would be on that list. in 25th place. let's raise academic standards across the nation. let's get back to the head of the class. let's solve this. [ slap! ] [ slap! slap! slap! slap! ] [ male announcer ] your favorite foods fighting you? fight back fast with tums. calcium rich tums goes to work in seconds. nothing works faster. ♪ tum tum tum tum tums let's get right to our "strategy session." joining us now democratic strategist hillary rosen and republican strategist, also cnn contributor alex castellanos. thanks very much for coming in. hillary, let me start with you. i'm sure you were please that romney was -- just as john mccain ran away from it four years ago. romney did the right thing today, right? >> i think he did do the right thing. it makes no sense to resurrect something like that. it didn't work the first time and frankly, i think he did it because he knew it wouldn't work this time, too. >> alex, you're an expert in this field. it would alienate the moderate democrats and the undecides and he's likable according to all of the poll and if they were to take that strategy that could be counterproductive from the republican perspective. >> i think that's true, wolf. i think this election was about the economy. the economic house is burning down and if we're talking about other things that are aren't central to that then you're really out of the discourse. you're playing the super bowl in the wrong stadium, and i think romney saw that today