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Justin Fox reckons that the present financial crisis can't be all that bad if it's coinciding with the biggest IPO in US history - especially when that IPO, Visa (NYSE:V) is a financial one.

It's a good point, but it's also worth noting that Visa's owners are capital-constrained banks who really need the proceeds right now, and might not otherwise be trying to IPO into a bear market. IPO cancellations have already hit $21 billion this year, compared to total IPO proceeds year-to-date of just $12.2 billion.

Those figures look pretty bearish to me.