Of course, $3.5 billion is still an incredibly large amount of money, but for a person who is absolutely obsessed with wealth, and telling people how rich he is, and insisting, not too long ago, that he was worth more than $10 billion, it’s got to hurt. On the bright side, for those of us who fear the idea of a guy who flies off the handle at the most minor of perceived slights being in charge of nuclear weapons, Trump is already profiting off of the presidency and will presumably exit the White House richer than when he entered.

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Wall Street worries over fate of phenomenal, big-league tax reform

Since Trump was elected in November, the markets have shown him a huge amount of love, with the S&P 500 rising almost 11 percent between November 9 and March 1, on the hope that he will deliver the most terrific corporate-tax-reform plan this country has ever seen. But, as Axios notes, the S&P “has fallen 0.17% in the roughly three weeks since,” indicating that investors are starting to worry the administration won’t be able to deliver, thanks in large part to infighting among Republicans, as demonstrated with the great “repeal and replace” plan for Obamacare that’s turning out to be less “beautiful” and more an epic fail on the part of the G.O.P. Per Axios:

Stock markets can likely handle a delay of corporate tax reform, as long as Wall Street still believes it's coming eventually. Ian Shepherdson of Pantheon Economics assumes that deficit hawkery will prevent the GOP from coming together on a tax plan, but that the Trump Administration will be able to pass a deficit-funded tax and spending program, worth 1% of GDP, with the help of red-state Democrats. But this sort of optimism can only hold out so long before White House must show that it can shepherd one coalition or another to pass business-friendly reforms.

ICYMI: Billionaire Trump backer thinks nuclear incidents “aren’t such a big deal”

In Friday’s newsletter, we noted Jane Meyer’s New Yorker profile of billionaire hedge-fund manager and Trump backer Robert Mercer, in which a source claimed that “not long ago, he heard Mercer proclaim that there are no white racists in America today, only black racists.” In case you missed it, there was also another fascinating nugget in the piece, wherein we learn that Mercer reportedly sees a silver lining to nuclear war. (Via Matt Levine):