The Fed Can Put Lipstick on this Pig (of an economy), the States cannot.

While the Fed is monetizing as fast and as much as possible, the States are not able to do so. Zero Hedge has an excellent report on the implosion in States finances. The federal government can push fiscal calamity down the road a little bit, the states cannot, which will ultimately undermine all of the federal governments (pathetic) actions. "Green shoots" will lead inexorably to drought and disaster with the current government policies.