| This is Bloomberg Opinion Today, a caravan of Bloomberg Opinion's opinions. Sign up here. Today's AgendaBiden's Crisis PresidencyJust as the universe is turtles all the way down, Joe Biden's presidency could be crises all the way down. It was born of crisis and faces several emergencies at the start. Even his transition is in crisis, thanks to a predecessor who doesn't want to leave. The most obvious disasters, the pandemic and its associated recession, at least have immediate fixes. Vaccines are on the way. Those will help the economy. But other emergencies will be far thornier to solve. The biggest of these is probably global warming, a perpetual engine of natural disaster, diseases and economic devastation. One unglamorous but effective way for Biden to fight it could be with international corporate standards for reporting climate risks, writes Bloomberg LP founder Mike Bloomberg. If companies all over the world speak the same language on this issue, then it's easier for investors to hold them to account. And accountability can have a big impact, pushing oil majors and other big carbon polluters to change their ways. Even Exxon Mobil is raising targets for cutting emissions, under pressure from activists. It's still not doing enough, writes Liam Denning, and only big retail investors such as BlackRock can force it to do more. But it helps to get everybody singing from the same hymnal. Biden also faces a lingering crisis on the southern border. Nightmarish conditions in Central America are still sending migrants, sometimes in caravans, fleeing to the U.S., writes Francis Wilkinson. Biden must address those conditions and the inhumane treatment people have received at the border under the previous administration. Both will take political skill and time. And the thing about crises is that none of them wait their turn to be solved. Trump Vs. RepublicansWe wrote on Friday about the Republicans who have burned their own reputations and risked democracy to indulge President Donald Trump's fantasy of overturning the election. But Tim O'Brien notes there are other, wilier Republicans who have used Trump for their own ends, without completely succumbing to his cult of personality. These include Attorney General Bill Barr, who helped Trump fortify an imperial presidency but then dropped the current president when his power waned. Mitch McConnell never cared for Trump but was happy to use him to stock the federal judiciary with conservatives. And Fed Chairman Jerome Powell had the best ride of all, ignoring Trump's threats to effectively manage a fast-growing and fast-recovering economy. As Trump has discovered to his likely horror, even the many judges and Supreme Court justices he put on the bench were far more loyal to conservative ends than to Trump himself, writes Jonathan Bernstein. That's one reason they've found it so easy to rudely dismiss his ridiculous election claims: They're playing a much longer game than Trump can manage. Facebook's Antitrust ProblemMost Americans get the Schoolhouse Rock version of the Boston Tea Party, which is that colonists were mad about paying King George's taxes on tea. What they don't hear nearly as often, Stephen Mihm writes, is that colonists were really angry about being forced to have only one source for tea. This antipathy to monopoly power colors all of American history, from the East India Company to Standard Oil and, now, Facebook. Bloomberg's editorial board argues Facebook isn't really a monopoly. Certainly Facebook agrees. But Facebook investors shouldn't fear a breakup, writes Conor Sen. The shards of Standard Oil grew into many very large, profitable oil companies, and breaking up Facebook can unlock shareholder value, too. And antitrust action worked out just fine for investors in Microsoft, which settled into a lucrative new phase as a slow-growth cash machine. Telltale Charts Oil markets are getting carried away with optimism about a quick vaccine-fueled recovery, warns Julian Lee.  Hopefully Netflix has enjoyed its time at the top of the streaming universe, because now everybody else is coming for its crown, led by Disney+, writes Tara Lachapelle.  Further ReadingAirbnb and DoorDash show IPOs need to change. — Tae Kim Herd immunity was a giant failure. — John Authers Guerilla media outlets Vladimir Putin can't control and barely understands are going after him. — Leonid Bershidsky Even with maxed-out credit from the Fed, New York's MTA faces a difficult future without government help. — Brian Chappatta The pandemic is killing people in many more ways than the disease itself. — Peter Orszag For all their differences, Americans find common ground on some big topics. — Justin Fox ICYMINew York City may soon shut down again. Biden won the electoral votes in all states Trump contested. The White House security chief is buried under medical bills from Covid-19. KickersAstronomers find "superhighways" for fast space travel. (h/t Ellen Kominers) Mavericks surf break has its best waves in a decade. (h/t Scott Kominers) Europe's sleeper trains are back. Your brain makes you a different person every day. Note: Please send train tickets and complaints to Mark Gongloff at mgongloff1@bloomberg.net. Sign up here and follow us on Twitter and Facebook. | 
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