| This is Bloomberg Opinion Today, a Super Wednesday of Bloomberg Opinion's opinions. Sign up here. Today's Agenda  Apparently he's just as surprised as the rest of us. Photographer: Mario Tama/Getty Images North America Joe Biden Has Malarkey-Free Super Tuesday If you had fallen into a coma, or a deep well, six weeks ago and emerged today to ask about the state of the Democratic race for president, as one does, then you might be disappointed. It wouldn't seem anything has changed: Joe Biden is still the front-runner, followed closely by Bernie Sanders. But you would have missed a bunch of action in the meantime, including Biden's collapse, Bernie's surge to an almost sure-thing nominee, followed by a shocking Biden comeback, culminating in yesterday's decisive Super Tuesday victory. After all of that, Biden is now firmly in command of the race again, writes Jonathan Bernstein. The party has rallied around him as the anti-Sanders, while the democratic socialist from Vermont failed to expand his factional appeal. Biden still has all the drawbacks that led Democrats to shun him for a long time. But now he also has a delegate lead, momentum, a stack of endorsements and what will soon be a mountain of cash, some of it perhaps coming from Michael Bloomberg, founder and majority owner of Bloomberg LP, who suspended his campaign and endorsed Biden today. Biden's biggest liability is probably his superhuman ability to generate gaffes. But his second-biggest weakness may be the Establishment baggage that will only grow heavier during his coming battle with Sanders. That's why Biden would be smart to get on the phone early and often with Alexandria Ocasio-Cortez, writes Francis Wilkinson. She's a die-hard Sanders stan, but she's also not dumb. If it becomes clear Sanders has lost, then she'll have to think about her future. Convincing the left to join Team Biden for the big win will do much more for her career than playing spoiler. Further Biden Vs. Sanders Reading: These septuagenarians aren't that old relative to era-adjusted history. — Stephen Carter Get Off That Light Pole, Health-Care Stocks Biden's win helped goose the stock market to another totally normal, not-at-all-dead-cat-bouncey mega-rally, led by health insurers breathing easier at the receding threat of Medicare for All:  But Max Nisen warns health-care investors that they shouldn't start flipping cars and climbing light poles like Max's fellow Eagles fans just yet. Biden may not be nearly as far to the left as Sanders, but he is pushing a public option for Obamacare and significant changes to the status quo on health-care and drug costs. These will not make health-care investors happy. Global Leaders Not Exactly Rushing Into Coordinated Pandemic Action Stocks got an extra boost from news that Congress had hammered out a bipartisan deal for $7.8 billion in coronavirus spending. Unfortunately, though a lot better than the $1.5 billion President Donald Trump proposed, this is still not nearly enough, warns Narayana Kocherlakota. For one thing, the bill doesn't include fiscal stimulus to help get the economy through the disruption the virus is only starting to cause. The lack of much fiscal response or any other monetary action — aside from the Bank of Canada — helps explain why the Fed's surprise rate cut yesterday fizzled so badly, writes Ferdinando Giugliano. Europe's fecklessness is particularly disappointing, given how the virus is already hurting activity there. G-7 governments, while taking their sweet time leaping into action, might want to consider setting some money aside to help low-income countries fight the virus, writes David Fickling. They're far more vulnerable to pandemics, and bolstering their defenses won't cost much. To be sure, the Fed rate cut is not useless, notes Tim Duy. But it still isn't enough. The People's Bank of China, for example, has targeted relief at small and medium businesses, which have suffered the most from the virus, Shuli Ren writes. The Fed needs to do the same here. Asian central banks generally have been ahead of the curve during this crisis, notes Dan Moss. The rest of the world could learn by their example. Every little bit helps in an economy facing crumbling consumer demand, as Andrea Felsted writes, and where the bond market is signaling a recession and deflation are imminent, as John Authers writes. Telltale Charts Decades of rhetoric about government being a problem best drowned in the bathtub have led us to a place where the government is too weak to stop a pandemic, writes Noah Smith.  American life-expectancy gains seem to have stalled and will stay that way for a long time, writes Justin Fox.  Further Reading OPEC+'s production cut will be another dud; the market knows it can't do much about falling oil demand. — Liam Denning The coronavirus will be especially hard on gig workers, who must work more while the rest of us shelter in place. — Lionel Laurent Tech companies are using your data to track the virus and respond, and governments are following suit. — Elaine Ou Iraq is in the middle of several political crises the coronavirus will make much worse. — Bobby Ghosh Coronavirus is General Electric Co.'s biggest problem right now, a huge improvement from when its biggest problem was itself. — Brooke Sutherland ICYMI Coronavirus-fearing Americans are stockpiling (checks notes) oat milk. Mortgage brokers are hiring extra help to meet refinancing demand. Barnes & Noble wants to be more like an indie bookseller. Kickers Entangled quantum computers might solve a wide array of problems. Some spiders nurse their offspring. (h/t Scott Kominers for the first two kickers) Neanderthals covered vast distances. James Dolan is a terrible owner, Spike Lee edition. Note: Please send spider milk and complaints to Mark Gongloff at mgongloff1@bloomberg.net. Sign up here and follow us on Twitter and Facebook. | 
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