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John Minchillo / AP

Jim Chanos, the billionaire hedge fund manager known for predicting the collapse of companies like Enron, believes that the financial markets are already factoring in the possibility that President Trump won't make it through his first term.

"I think they're beginning to factor it [Pence] in, that's for sure," Chanos told Axios on Thursday, at the SALT Conference at Vegas' Bellagio Hotel. "The markets are hoping for Vice President Pence to become President... a more stable person being able to enact a Republican agenda."

Market theory: Chanos thinks stocks are unnaturally stable amid unrelenting White House chaos and dysfunction, because investors see an alternate path to getting business-friendly legislation like tax reform. "The odds-makers have Trump even money to last his term," Chanos said. "If the perception was that Trump was going to be staying there I think at this point [the markets] might be worse."

Caveats: Chanos is big Democratic Party fundraiser who shorted Trump's companies in the past, although he did not support Hillary Clinton's 2016 campaign. It's also worth noting that the markets tanked yesterday, when the prospect of a President Pence hit its peak (so far).

Go deeper

AP: Justice Dept. rescinds "zero tolerance" policy

A young girl waves to onlookers through the fence at the US-Mexico border wall at Friendship Park in San Ysidro, California in Nov. 2018. Photo: Sandy Huffaker/AFP via Getty Images

President Biden's acting Attorney General Monty Wilkinson issued a memo on Tuesday to revoke the Trump administration's "zero tolerance" immigration policy, which separated thousands of migrant children from their families at the U.S.-Mexico border, AP first reported.

Driving the news: A recent report by Justice Department Inspector General Michael Horowitz emphasized the internal chaos at the agency over the implementation of the policy, which resulted in 545 parents separated from their children as of October 2020.

Biden picks up his pen to change the tone on racial equity

Vice President Harris looks on as President Biden signs executives orders related to his racial equity agenda. Photo: Doug Mills-Pool/Getty Images

President Biden is making a down payment on racial equity in a series of executive orders dealing with everything from private prisons to housing discrimination, treatment of Asian Americans and relations with indigenous tribes.

The big picture: Police reform and voting rights legislation will take time to pass in Congress. But with the stroke of his pen, one week into the job Biden is taking steps within his power as he seeks to change the tone on racial justice from former President Trump.

Most Senate Republicans join Rand Paul effort to dismiss Trump's 2nd impeachment trial

Photo: Joshua Roberts-Pool/Getty Images

Forty-five Senate Republicans, including Minority Leader Mitch McConnell, supported an effort to dismiss former President Trump's second impeachment trial.

Why it matters: The vote serves as a precursor to how senators will approach next month's impeachment trial, making it highly unlikely the Senate will vote to convict. The House impeached Trump for a second time for "incitement of insurrection" following events from Jan 6. when a pro-Trump mob stormed the Capitol.