> the liquidity of the secondary stock market is a purely American phenomenon.

What do you mean by that? Loads of countries have adequately liquid stock markets.

Exactly what I wrote, the liquidity is crap. Adequate? It's just down hill

That's actually not how underwriting works. If an IPO is a flop right out the gate sometimes the bank can get stuck with the shares.

That's the risk they take on. I listen to retail investors, they clamor for IPOs no matter what the S-1 says.