With QE2 ended--State & Local government spending will be a huge drag on local authorities that will enforce emergency measures to stop bleeding deficits.
The missing component from this is that every $3.00 the Fed was pumping into the economy, the States were taking $1.00. Now this has ended with the termination of QE2. A major component that is needed, and has stalled to say the least, would be the recovery in the real estate markets that are currently totally deleveraged.
Furthermore, without banks lending -major corporations will not hire- and with 80 million baby boomers set to retire and the disappearance of the consuming middle class--NYS realizes the importance of the revenues desperately needed from shale gas exploration.
Please be patient --it is coming soon