I can't answer this definitively; I doubt anyone can, but I can suggest at least two possible mechanisms that don't require a shadowy cabal of elite conspirator

I can't answer this definitively; I doubt anyone can, but I can suggest at least two possible mechanisms that don't require a shadowy cabal of elite conspirators. These don't require anything other than people acting in accordance with incentives that they already have. I'm sure it's not hard to find more. Mechanism 1: Those S&P 500 shares that you own through Vanguard and BlackRock index funds, you don't actually control the voting rights to them. Vanguard and BlackRock do. They have coordinated voting power and a big voice in the C-suite of many large corporations. I do think that execs will listen when they make a suggestion, and it's in their interests that the value of assets under management stays high, because that's what determines their pay. Mechanism 2: C-suite comp is tied to stock price, often through options. Well, as it happens, asset markets are tightly interrelated, and high valuations are a result of leverage. Strangely enough, a dollar invested in real estate can also be a dollar invested in Amazon (even if it's not Amazon's real estate). When asset valuations are high, their owners can borrow against those assets and use that money to bid for other assets, raising the price of everything together. In this process new money is essentially created ex nihilo and increases the price of assets. Conversely, when asset prices start deflating, that can trigger a sell-off of other assets, and this money doesn't simply change hands, it disappears along with the leverage that created it. A pop in commercial real estate valuations can mean that many investment funds which own Amazon will have to sell them off at fire-sale prices to cover a margin call. If you're an exec, this wouldn't be a good thing to happen before your equity compensation package vests.