| This is Bloomberg Opinion Today, an inaugural address of Bloomberg Opinion's opinions. Sign up here. Today's Agenda A new day. Biden's Big JobFour years ago, at the inauguration of now-former President Donald Trump, it started to rain as he spoke of "American carnage," an address former President George W. Bush aptly described as "weird s***." Today, as current President Joe Biden spoke of healing a nation broken by actual carnage, sunlight shined on the Capitol. That may be laying it on a little thick, Nature. But then America needs all the sunny optimism it can get. "All the nightmares came today, and it looks as though they're here to stay" is something David Bowie wrote 50 years ago, and it applies to the job facing Biden now. An out-of-control pandemic, recession and dangerous political divisions are just the top of the stack. The sparse crowds around the Capitol and on its balcony, the heavy military presence, and the ubiquitous face masks all reflected the moment's weird reality, Jonathan Bernstein notes. They may also have made the event's message of hope and unity even more powerful. As Bloomberg's editorial board writes, Biden will need plenty of help, including from Republicans, who must not reflexively oppose everything he does. Signs of bipartisan comity today — from Vice President Kamala Harris laughing with Mike Pence on the Capitol steps to Senator Roy Blunt emceeing the inauguration with Senator Amy Klobuchar — suggest it's possible, as long as they don't vanish like this morning's clouds. Further 46th President Reading: Biden has ridden the Wilmington-to-D.C. train route countless times, and it has an important place in presidential history. — Ted Widmer Trump's Final GradesIt probably wasn't coordinated this way, but it was telling that Pence arrived at the Capitol this morning just as Trump arrived in Florida for his extended retirement. Pence has spent the past couple of weeks as America's de facto president, including gamely showing up for the ritual transfer of power, so Trump could focus all his energy on nursing hurt feelings. Trump did take some time out for one last presidential duty: pardoning dozens of cronies and rogues, led by Steve Bannon. As with most of Trump's absolutions, they were flagrant abuses of power, writes Bloomberg's editorial board, a reminder this presidential privilege needs reform. So Trump left office as he entered it: caring mainly about himself and willing to break every rule to serve that end. It's one of three key lessons we learned from his presidency, writes Jonathan Bernstein: Always believe candidates when they tell you who they are. Also, the White House is no place for amateurs, and parties should only nominate people they can trust. Lindsey Graham was right about that one. But hey, at least the stock market did well, right? Well, about that … the market under Trump rose less than in the first terms of Presidents Bill Clinton or Barack Obama, notes John Authers. And when you adjust for worm-burning interest rates, the performance looks even less impressive. The stock market is a dumb yardstick for presidents, who have little real control over it. But it's also the measure Trump kept embracing. Further 45th President Reading: From covfefe to MyPillow, let's bid farewell to the Trump era's iconic brands. — Ben Schott It's Biden's Stock Market NowHowever little it matters for Biden's place in history, the stock market could well be kind to him this year. It's overpriced for sure, but Barry Ritholtz writes there are some big reasons to expect prices to keep rising. Possible tax hikes on high earners could work against the economy and market, as could a $15 minimum wage, argues Michael R. Strain. But pulling hard in the other direction will be all the stimulus money Biden plans to drop everywhere. This along with student-loan relief should also help make already expensive houses even more expensive, writes Conor Sen. Telltale ChartsNetflix's free-spending past is finally paying off in a self-sustaining future, writes Tara Lachapelle, giving it a backlog of content to keep subscribers hooked even in a pandemic.  Goldman Sachs is right to try to douse SPAC hype, though nobody's listening yet, writes Chris Bryant. Maybe that's because everybody's too busy making money on SPACs, including Goldman.  Further ReadingNothing about the side effects of Covid vaccines seems alarming so far. — Sam Fazeli Vaccine messaging should emphasize optimism, or else people won't get vaccinated. — Faye Flam Biden's pick to run the CIA was intimately involved in the Iran deal. — Eli Lake Rio Tinto doesn't need the bad PR of a mining license on Native American land. — David Fickling Some lessons of fighting insurrections overseas apply to fighting them at home. — Hal Brands ICYMIPfizer's vaccine should work on the U.K. Covid variant. China sanctioned Mike Pompeo and other former Trump officials. Jack Ma resurfaced. Kominers's Conundrums HintIf you're still trying to decide what to do this evening, there's one more day before we lower the curtain on our TV Compromise Conundrum! You're looking for a word that matches each clue, and you might find that some of those words look very similar to each other. (And one might also allege that a few of the words you're looking for are used in this hint.) — Scott Duke Kominers KickersArea bird is male on one side, female on the other. (h/t Scott Kominers) Vertical farms grow vegetables at restaurants and grocery stores. FedEx damage is art. Today was the day America met Ella Emhoff. Twitter: amanda the good witch on Twitter We also met Amanda Gorman, our youngest inaugural poet. Note: Please send vegetables and complaints to Mark Gongloff at mgongloff1@bloomberg.net. Sign up here and follow us on Twitter and Facebook. | 
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