The tech community loves to blame the dearth of IPOs on smothering regulation (SarBox) and a general "how dare you ask the public for money" attitude on the part of public-market investors. And those factors no doubt have something to do with it.

But then there's the matter of crappy companies.

Would you rush out and scramble for shares of the next great tech IPO when the chart of one of 2007's most ballyhooed ones looks like this? Especially when you learn that the company has now postponed its Q4 report because of accounting concerns?

(That's TechTarget, by the way. A Boston-based company that sounded for a few minutes as though it had a decent business.)

Or this one, GT Solar (SOLR), which went public last summer at $15 and now trades for $5.

We're all for the establishment of lower-cost, lower-burden regulations for speculative emerging companies. But the industry's complaints about how these regulations have killed the golden goose will have more weight when the industry is producing dozens of rapidly growing, high-quality emerging companies every year.