New York State hugely relies on the revenues it gets from Wall Street to help pay the state's bills. So it's small wonder that the New York officials welcomed the news that Wall Street's rise from 2008's financial ashes happened faster than many officials expected.

A report from the New York State Comptroller's office had the glad tidings:

The national economy is slowly improving, but Wall Street has recovered much faster than anyone had envisioned. Profitability is on track to exceed 2006 levels, which was a banner year for the industry. Strong profits have been driven by low interest rates, which reduce the cost of doing business.

Compensation is also increasing faster than expected, leading to expectations of higher bonuses. The federal government, which spent trillions of dollars to support the financial sector, has taken steps that may restrict cash bonuses and defer compensation to future years in an effort to reduce excessive risk-taking and reward long-term performance. While these initiatives may reduce personal income tax collections in the short term, New York State and New York City could benefit from increased stability in the financial sector.

Of course, this will not seem like good news to those predisposed to hate Wall Street for helping to cause the crisis in the first place and for its over-the-top bonuses. For Wall Street haters, this faster-than-expected financial industry recovery, even as the rest of the economy stumbles forward, will provide just one more argument to rein in the masters of the universe.