| This is Bloomberg Opinion Today, a pipeline of Bloomberg Opinion's opinions. Sign up here. Today's AgendaRIP Keystone XLPresident Joe Biden dismantled so much of his predecessor's handiwork in one fell swoop yesterday that it was easy to overlook the details. The headlines included rejoining the Paris climate accords and the World Health Organization and ending the Muslim travel ban. But he also finally stuck a fork in the Keystone XL pipeline project. It would go too far to say, a la Winston Wolf, that Keystone XL is "nobody who'll be missed." Canada is a bit upset. But everything about this controversial plan for pumping tar-sands oil from Alberta was designed for a different era, writes Liam Denning. It was a time when George W. Bush was in the White House, Chris Brown ruled the charts, crude cost more than $120 a barrel, and people worried more about peak supply than peak demand.  The world has changed dramatically in the past 12 years, to say the least. Ironically, killing the project could revive oil prices in the short term, but Big Oil can't get too excited, as it also signals a new era of shrinking political clout. Trump's Tarnished LegacyNo matter how much of his legacy Biden blowtorches, ex-president Donald Trump might say that at least the economy and stock market did well on his watch, up until that whole pandemic unpleasantness. But as John Authers noted yesterday, the stock market's performance adjusted for interest rates was merely fine under Trump. And even the economy's performance was underwhelming, Matthew Winkler writes, at least based on the metrics on which Trump insisted he be judged. Slapping tariffs on everything did not magically revive American manufacturing jobs. The dying fossil-fuel industry did not spring back to life. And the trade gap kept gapping.  Trump did manage to pack the federal judiciary with conservatives, get tough on China, cut taxes for the rich and marginally reduce regulations — all things any replacement-level Republican could have done, notes Tim O'Brien. On the other side of the ledger, Trump's incompetence and narcissism nearly broke democracy and left more than 400,000 Americans dead of a mismanaged pandemic. These will be the lasting, poison fruits of his presidency. Further Trump-Legacy Reading: By the letter of the law, some of the people in the Capitol attack committed sedition. — Cass Sunstein Biden's EconomyThe cocktail of high-earner tax cuts, soaring asset prices and a K-shaped pandemic recession threatens to pry open already wide economic inequalities. At the same time, this whole mess has also hastened the process of companies rethinking their devotion to raising their stock price at all costs, writes Joe Nocera. This gives Biden a rare and fleeting opportunity to reshape capitalism in a way favoring equality and justice. It may be telling that FDR has a place of honor in Biden's redecorated Oval Office. He jumped on a similar chance. If nothing else, Biden's first day in office made clear Trump's amateur-hour presidency is over, writes Jonathan Bernstein. Biden may not make good choices in the end, but competence sure makes good outcomes more likely. We're still suffering the effects of the alternative. Further Biden-Plan Reading: There are three easy ways to address worries about a $15 minimum wage. — Noah Smith Further ReadingThe EU shouldn't try to take finance business from London when it lacks the chops to handle it. — Bloomberg's editorial board American soft power may be at low ebb right now, but China shouldn't press its advantage or risk uniting the world against it. — Taisu Zhang Data sharing is more likely to lead to abuses than to actually stopping domestic terrorists. — Cathy O'Neil The pandemic helps explain why Bill Gates and Blackstone are buying a company that fuels private planes. — Brooke Sutherland and Chris Bryant Count on markets throwing another tantrum when the Fed starts to taper bond purchases. — Bill Dudley Now is a perfect time to sell your house. — Farnoosh Torabi ICYMIBiden plans a raft of orders overhauling the national Covid response. Among them is a crackdown on travelers flouting Covid safety. The pandemic has been rough on Trump's businesses. KickersCatnip is a natural mosquito repellent. (h/t Ellen Kominers) Scientists make paralyzed mice walk again. (h/t Scott Kominers) Pro tip: Do NOT inject mushroom tea into your veins. AI and a urine test can accurately screen for prostate cancer. Bernie Sanders is now a meme.  Note: Please send catnip and complaints to Mark Gongloff at mgongloff1@bloomberg.net. Sign up here and follow us on Twitter and Facebook. | 
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