Core to many Texans identity is a belief that someday Texas is going to secede from the Union again and become its own independent country.
Don't get me wrong, I love Texas and I love many of the Texans I've met for being some of the chillest, most down to earth, pragmatic and welcoming people I have ever met, but they are a bit weird about this particular issue sometimes.
Is it really that weird to believe that one day the country might fall apart? Wouldn't it be weirder to believe that the country will last forever? There is absolutely zero historical precedence for the later belief.
Separate the power system -> people's perception about Texas independence increases -> time passes -> let's separate something new, after all we're Texas, we get special treatment. Perception intertwined with action, so that you can't tell what comes first.
Reflexivity is by no means restricted to securities markets. It's an incredibly broadly applicable concept.
Also, in securities markets it's not just that price goes up so more people buy because the price has gone up, so price goes up even more. It's far far worse than that. It's that (for example) stock prices go up, therefore consumer/executive/banks confidence increases, therefore more credit and more spending in the economy, therefore higher corporate profits, therefore higher stock prices. The point is that it affects reality beyond just the securities markets, it affects the "fundamentals" too. I.e. you can't even trust something like a P/E ratio.
Regarding applying reflexivity to Texans, you'd be better off to recognize the long-standing, consistent cultural values of individualism and independence.