California officials eyeing stock market plunge, hope it won't last

The L.A. Times reports:

Gyrations in the stock market have taken California’s fragile finances for a ride before -- when the dot-com bubble burst, when the Wall Street crash sank the national economy less than a decade ago.

So when the market continued its dive Monday, state officials began glancing around for their seat belts.

More than most states, California depends heavily on taxes from the wealthy, pulling about half of its income tax revenue from just 1% of residents in recent years.

The struggles of Blue America.