California and tech stocks down seven points this week

 And that means a near 7 point drop in California capital gains tax. In the double whammy effect, the tech drop also lowers pension gains which must be made up by municipal governments. Then add in the 6% COLAs, and we can see the three branches erasing the government's surplus in the first few months of 2022.

This is the boom bust effect in California. The bullwhip runs through the public sector system in California.