If you're tired of all the bad economic news -- and who isn't? -- here's a positive morsel to chew on: Wall Street evidently still likes the money management it sees in Minnesota. The bond rating agencies have spoken in preparation for Tuesday's expected issue of $600 million in state general obligation bonds, and the state suffered no downgrade. Two of the three Wall Street rating agencies gave Minnesota its top rating; the third, Moody's, downgraded the state during the last recession, but is holding steady with that second-tier rating now.

Wall Street's judgment about Minnesota might be viewed as at least partial vindication for Gov. Tim Pawlenty's decision to close the final $3 billion gap in the 2010-11 state budget via unallotment. There's a lot to dislike about the governor's unilateral action. But Wall Street might better appreciate the finality of Pawlenty's solo act than the likely alternative -- a long summer of messy negotiations between the GOP governor and DFL-controlled Legislature.

Wall Street is likely saying something else that's good to hear, noted Commissioner Tom Hanson, head of Minnesota Management and Budget. "There is underlying strength in the Minnesota economy," he said. As Minnesotans wait for tangible evidence of a turnaround, those are words to hold on to.