And the press sec says the stock market isn’t something they keep an eye on.
When I worked at the union, of course the commies there would say they didn’t care about the stock market because it was just rich people’s money.
I would point out to them 2 facts:
union’s pension plans are highly invested in the stock market and lose funding value when stock market drops
California tax revenue depends a lot on wealthy people income taxes. When they lose money California has budget problems.
States that often have massive budget shortfalls (mostly red) have been bailed out by huge Covid related stimulous magic money gifts. They can now act like the Washington Post, owned by Bezos the richest man in the world, and not care much about how they spend the money. It cannot last on a national scale.