TheStreet.com TV Recap: Sarbanes-Oxley Has Worked

The idea that the IPO market has shrunk in the U.S. because firms don't want to comply with Sarbanes-Oxley and are going overseas is a "red herring," Jim Cramer said on the TheStreet.com TV's Wall St. Confidential video Webcast Friday.

After a lot of initial public offerings last year, the pipeline has been emptied and now the IPOs are of "lower quality," he told Aaron Task, the host of Wall St. Confidential. This, Cramer continued, happens periodically, as it is a cyclical business.

"We'll recharge and some companies will maybe come to market next year," he said. But, as for now, Cramer sees very little that he likes here. ...