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Trump hasn’t derailed the Biden train yet

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Today's Agenda

The Debates: What Have We Learned?

Well, we did it, America: We made it through two presidential debates. And though neither will go down in the Presidential Debate Hall of Fame as great or even particularly tolerable, they were both instructional in their own ways.

The first debate reminded us President Donald Trump is somebody who does not play well with others. The second confirmed he could somewhat restrain himself for at least 90 minutes — a victory, based on our new, lower expectations. Meanwhile, both debates exposed rival Joe Biden as a mediocre debater, but also someone able to mostly resist Trump's provocations and express real empathy. What we saw in the second debate is what we'd get from their respective hypothetical presidencies, writes Jonathan Bernstein. The choice is more of Trump's personality-driven aimlessness or Biden's more-familiar liberalism.  

Trump did have a much better debate this time and clearly bested Biden in some exchanges. But he probably didn't change enough minds to change the direction of the race, writes Ramesh Ponnuru. Given how much he lags in the polls, that's a loss for him.

One of Biden's potentially diciest moments was when he suggested he wanted to "transition" away from fossil fuels. Trump seized on this as a turnoff to voters in Pennsylvania, Texas and other oil-rich states. But even Big Oil knows its days are numbered. As Liam Denning has written, Biden offers a relatively painless transition, compared to the more wrenching plans of those further to his left. Four more years of Trump might put power in more radical hands. 

Further Political Reading:

Conavirus Mistakes Keep Being Made

The virus that causes Covid-19 is not called "novel" for nothing. Because we've never seen it before, we're still in a helter-skelter rush to figure out how to stop or treat it. Mistakes will understandably be made. But the sheer volume of mistakes gets a little worrisome sometimes.

Yesterday the FDA gave full approval to Gilead's drug remdesivir, now to be sold under the similarly tongue-twisting name Veklury, to treat Covid-19. Sounds great, right? President Donald Trump got remdesivir for his Covid, and he seems fine. Not so fast, writes Max Nisen. The data supporting remdesivir's use for Covid-19 are spotty. A massive WHO study found no evidence it either made patients recover more quickly or kept them from dying. But at least the drug is wildly expensive, possibly overpriced by a factor of 10, based on how you judge its effectiveness. 

Meanwhile, the Big 10 and Pac-12 conferences will resume playing college football this weekend. Officials are telling themselves and everybody else it's safe because they're constantly taking rapid coronavirus tests. But Joe Nocera points out these tests are unproven for such use. In effect, they're forcing unpaid college football players and everybody around them to be guinea pigs. Let's hope it's not another devastating mistake.

Don't Blame Young People

You might think young, strapping athletes have the least to fear from Covid-19, but several have gotten sick from the disease, and they pass it on to their less-strapping friends and family members. And though younger people are largely behind the scary new virus surges in the U.S. and Europe, they aren't as wildly cavalier about the disease as people may think, write Elaine He and Lara Williams. Obviously there are critical exceptions, but most young people are conscientious, and they're more likely to wear masks than their elders.

Telltale Charts

Startups are flourishing in this pandemic, thanks to what Larry Kudlow awkwardly calls "gales of creative destruction," but also a very large boost from government aid, writes Justin Fox.

Industrial companies are buying back stock again, even with prices near records and the economic recovery showing signs of stalling, writes Brooke Sutherland. They don't have anything better to do with their cash?

Further Reading

America asks far too much of its voters. — Jonathan Bernstein 

Political wrangling over the euro rescue fund shows how hard it will be for Europe to form a real union. — Ferdinando Giugliano 

Bankers are used to being scrutinized at work, but now they can't even have privacy at home. — Virginia Postrel 

Counterprogramming

Perhaps you're planning to watch the new "Borat" movie this weekend. But before you do, we suggest you tune in to see Joan Williams and Sarah Green Carmichael talk about the alarming trend of women being pushed out of the workforce in this pandemic.  

Also, Bloomberg has a new vertical called Bloomberg Wealth, which is about wealth and all the questions you might have about wealth. Such as: What is wealth? How do you get it? Why don't I have any? It also has a newsletter, which you can sign up for here.  

ICYMI

Stimulus talks are looking deader.

Expensify told its 10 million customers to vote for Biden.

Trump faces many legal threats if he loses.

Kickers

More than 1,000 Earth-like exoplanets have a clear view of Earth. (h/t Ellen Kominers)

Cryo-electron microscopy has broken the atomic-resolution barrier

Gig workers must rely on an app to help them go to the bathroom.

Choose your own Electoral College adventure.

Note: Please send stimulus checks and complaints to Mark Gongloff at mgongloff1@bloomberg.net.

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