"The situation is concerning enough to be characterized as a capital markets crisis for the start-up community," says a report by the National Venture Capital Association regarding the dearth of initial public offerings (IPOs) in the last quarter. (If you haven't heard, this quarter is the first in 30 years without an IPO.)

But is it really that dire?

The San Jose Mercury News calls out all the doomsday-types in today's paper with one simple fact: a ton of start-ups are still getting major funding and serious valuations.

They're right. Just check our recent coverage of businesses who've nailed start-up capital, and it's clear that there's no shortage of cash out there for start-ups who need it. Says the Merc:

"The progress of LinkedIn and the higher-profile social network Facebook should be kept in mind when considering the recent drought in IPOs and a slowdown in mergers and acquisitions."

Is the fact that some start-ups are getting big funding indicator enough that things aren't awry, or is it just that the well of VC cash hasn't dried up yet? My sense is that everyone who's whipped themselves up into a frenzy over the lack of IPOs should relax—for now. What are your thoughts?