If you were to open a copy of the Wall Street Journal on February 12, 2007, you would come across an article titled U.S. May be Losing Its Appeal to Foreign Investors, Report Warns. Opening the same paper one month later on March 12, 2007, your eyes might be drawn to the words Panel Urges Steps to Boost Allure of U.S. Markets. The headlines in early 2007 surrounding the American securities markets have primarily focused on the notion that these markets are losing the competitive edge they once held globally, specifically placing the European and Asian markets at the top of the list of competitors. But what is the basis for this frenzy? The articles cite the decline in, or lack of, initial public offerings (“IPOs”) as one of the key indicators that the American economy is not performing well amid stiff competition abroad. What is not found in these articles is exactly when and why IPOs, few in number and selectively carried out, became the final word on how our economy is performing. If we had more companies that have enjoyed tremendous success in IPOs, such as Starbucks entering the public market for the first time and earning tremendous returns on its IPO shares, would we say our economy was performing well?