You may look at your 401(k) or IRA, then the stock market, and assume that the wealthy — who own the lion's share of stock — have taken a huge hit. You would be wrong, according to a new report from the Institute for Policy Studies, a liberal think tank. Between March 18, when Forbes decided to catalog the wealth of the wealthiest, and April 10, "the combined wealth of America's billionaires increased by $282 billion," topping their 2019 levels, the report found.

The gist of Forbes' article on the world's super-rich "was, 'Hey, the pandemic is really affecting even the billionaires; their wealth is down from last year globally and in terms of the U.S.,'" study co-author Chuck Collins tells Fast Company. "What we found was, wait three weeks and they've now surpassed last year's collective wealth and now they're surging to new heights." Meanwhile, more than 26 million Americans have filed unemployment claims in the past 5 weeks and small businesses are teetering on the edge or closing up shop.

Congress expanded unemployment benefits, helping those workers able to successfully file claims with their states, and tried to help out small businesses, but many of the businesses that applied for Paycheck Protection Program loans never even got a call back from their bank before the initial $349 billion dried up. Many "small" businesses with enough money to use the private and commercial arms of major banks got "concierge treatment" from bank employees who guided their PPP applications to the front of the line, The New York Times reports, citing half a dozen bank employees and executives.

"Some of the nation's biggest banks, including JPMorgan Chase, Citibank, and U.S. Bank, prioritized the applications of their wealthiest clients before turning to other loan seekers," the Times reports. "Other business owners were left empty-handed, and many had struggled from the start" with "flaky online portals or backed-up queues." Read more about the two-tiered system at The New York Times. Peter Weber

In one of the earliest showcases for what a post-Trump GOP statewide primary might look like over the next couple of years, Ohio Senate candidates Jane Timken and Josh Mandel are already squabbling over who's more loyal to former President Donald Trump.

Timken kicked things off Monday when she called on Rep. Anthony Gonzalez (R-Ohio), one of the ten House Republicans to vote to impeach Trump in January, to resign, arguing "President Trump is the leader of our party and we must have conservative leaders committed to the team."

Mandel, who has claimed to be Trump's "number one ally" in Ohio, followed that up with scathing criticism, accusing Timken of "flip-flopping" on Gonzalez. He cited Trump's speech at the Conservative Political Action Conference on Sunday which claimed "there is no room in the party for 'spineless establishment Republicans.'" Timken, Mandel said, "has proven herself just that," while he has consistently opposed Gonzalez's vote.

Mandel's comments may be one last desperate shot at getting Trump's approval, however — The Washington Post reported Sunday that Trump has already told Timken he'll endorse her, though her camp has not confirmed the news. Either way, the back-and-forth seems to line up with an earlier prediction from The Bulwark's Tim Miller that GOP primaries won't represent a battle between pro- and anti-Trump candidates. Instead, it's a battle for the right to own the "Trump lane," plain and simple. Tim O'Donnell

The publisher of The Washington Post is slamming President Biden for not directly punishing Saudi Crown Prince Mohammed bin Salman for the murder of Jamal Khashoggi, saying he's "falling far short" of fulfilling a campaign promise.

In a Monday opinion piece, Fred Ryan, publisher of The Washington Post, was highly critical of Biden for sanctioning Saudi operatives but not Mohammed bin Salman after declassifying a report that found the Saudi crown prince "approved an operation" to "capture or kill" the late Post journalist.

Ryan notes Biden vowed to make the crown prince's regime "pay the price" during his presidential campaign. Now, Ryan writes, the president is "facing his first major test of a campaign promise and, it appears, he's about to fail it."

"The Biden administration now seems ready to move on while proposing some sanctions falling far short of honoring Biden's campaign promise to hold Mohammed accountable," he says. "It appears as though under the Biden administration, despots who offer momentarily strategic value to the United States might be given a 'one free murder' pass."

The Post publisher argued there's "no legal, moral or logical reason" to sanction the "lower-level players" in Khashoggi's killing while "letting the criminal mastermind get away without consequence," adding that leaving the Saudi crown prince unpunished leaves others "emboldened to do the same."

White House Press Secretary Jen Psaki this week defended the administration's lack of sanctions on bin Salman, arguing "there are more effective ways to make sure that this doesn't happen again and also to leave room to work with the Saudis on areas where there is mutual agreement." But Biden has been facing criticism over this decision, and the Post's editorial board previously pushed back against giving the Saudi crown prince a "pass," writing that "if the criminal apparatus MBS employed against Khashoggi is not dismantled, there will be more victims." Brendan Morrow

Wealthy alumni are threatening to pull their donations from the University of Texas at Austin because students have been protesting the university's controversial alma mater song, The Texas Tribune reports.

"The Eyes of Texas," which plays after football games, is a cherished tradition for many, but it was historically performed at campus minstrel shows, and the title is linked to a saying from Confederate Gen. Robert E. Lee. Students, therefore, have criticized the song as racist for a while now, the Tribune notes, but action has increased over the last year amid protests against police brutality and racial injustice.

It appears, however, many donors consider the movement to be the product of "cancel culture" and "Marxist ideology," and emails obtained by the Tribune show they're willing to pull their financial support for the university over the issue. UT-Austin President Jay Hartzell has publicly confirmed the school will keep the song, but the emails suggest they want him to take an even stronger stand. A few donors even called for Black students to leave the university if they didn't appreciate the tradition.

"It's time for you to put the foot down and make it perfectly clear that the heritage of Texas will not be lost," one donor whose name was redacted wrote to Hartzell. "It is sad that it is offending the blacks. As I said before the blacks are free and it's time for them to move on to another state where everything is in their favor."

Larry Wilkinson, a donor and 1970 graduate of UT-Austin, argued in an email to Hartzell and an interview with the Tribune that because Black students make up only 6 percent of the student body, "the tail cannot be allowed to wag the dog ... Nothing forces those students to attend UT-Austin." Read more at The Texas Tribune. Tim O'Donnell

Former President Donald Trump never ended up getting his COVID-19 vaccine publicly before he left office — but he reportedly did so off camera.

At the Conservative Political Action Conference on Sunday, Trump encouraged supporters to get their COVID-19 vaccine, renewing questions over whether the former president has done so himself. Numerous officials, including former Vice President Mike Pence, got vaccinated on live television as part of an effort to demonstrate to Americans that it's safe. Trump never did so.

But The New York Times' Maggie Haberman on Monday reported that according to an adviser, Trump actually did get vaccinated at the White House in January, as did former first lady Melania Trump, even though they didn't say so publicly at the time. The report was confirmed by CNN and Axios. The Los Angeles Times' Chris Megerian noted it was "noteworthy that the former president didn't do this publicly to boost public confidence in the vaccine."

In December, then-Surgeon General Jerome Adams said Trump had a "medical reason" for not getting the vaccine yet, as he "received monoclonal antibodies" when he had COVID-19, "and that is actually one scenario where we tell people, 'Maybe you should hold off on getting the vaccine, talk to your health provider to find out the right time.'"

CNN's Betsy Klein notes the White House had repeatedly declined to comment when asked if Trump had gotten the vaccine or intended to do so, even "as recently as January 18."

After Trump's CPAC speech, The Washington Post's Aaron Blake flagged his comments encouraging his supporters to get vaccinated as "perhaps the most significant thing he said," noting this was "something he avoided forcefully advocating for when he actually commanded the most powerful office in the world." Brendan Morrow

It's not a foregone conclusion that the Biden administration will soon have to grapple with multiple market bubbles bursting, Politico reports, but there are potential culprits all across the board.

One of the more worrisome bubbles, per Politico, comes in the form of special-purpose acquisition companies, also known as SPACs or "blank check companies." They exist with the goal of acquiring private companies, generally intriguing startups, and taking them public without having to go through the normal initial public offering process. Larry Kudlow and Wilbur Ross, both former Trump administration officials, are setting up their own SPACs, as is former NBA superstar Shaquille O'Neal.

Joseph Brusuelas, the chief economist at at the consulting firm RSM US, said the SPAC bubble, along with cyber assets and gold, feels particularly high-risk. "I mean Shaq has a SPAC," he told Politico. "What could go wrong?"

Politico also lists the "huge surges" in cryptocurrencies as something that has market watchers concerned. Bitcoin is probably the most famous example in this category, and it's up 420 percent over the last year, but other cryptocurrencies like Dogecoin, which Politico notes was "created as a joke based on an internet meme," are also skyrocketing. And the real estate market could be vulnerable, too; data from Realtor.com showed median home listings are up 14.5 percent over the last year, marking the 28th straight week of double-digit price gains.

A recent survey of institutional investors carried about by the investment management firm Natixis seems to back up those fears, since 41 percent expect a market correction in real estate prices, and 39 percent are anticipating corrections for cryptocurrencies. Read more at Politico. Tim O'Donnell

The director of the Centers for Disease Control and Prevention is warning states against rolling back COVID-19 restrictions as she expresses concern about a possible fourth surge of cases.

CDC Director Rochelle Walensky during a COVID-19 briefing on Monday said she's "deeply concerned about a potential shift in the trajectory of the pandemic," noting that data suggests recent declines in daily coronavirus cases have "leveled off at a very high number" and "appear to be stalling" at about 70,000 a day.

With this in mind, Walensky said she's "really worried" about states rolling back COVID-19 restrictions, especially given the spread of coronavirus variants, and she warned that "now is not the time" to do so.

"We cannot be resigned to 70,000 cases a day, 2,000 daily deaths," she said. "Please hear me clearly: at this level of cases, with variants spreading, we stand to completely lose the hard-earned ground we have gained. These variants are a very real threat to our people and our progress."

Walensky added that "we have the ability to stop a potential fourth surge of cases" by continuing to follow public health guidelines. Her comments come after President Biden during an event last week warned Americans that even as COVID-19 vaccines continue to roll out throughout the country, new cases could potentially start to rise again.

"While COVID-19 vaccinations are up, COVID cases and hospitalizations are coming down," Biden said. "But I need to be honest with you: cases and hospitalizations could go back up with new variants as they emerge. So I want to make something really very clear: this is not a time to relax." Brendan Morrow