Four non-Trump problems to focus the mind

[Bloomberg]( Today’s Agenda - Spare a thought for America’s deadly [opioids](, [e-cigarettes](, [pollution]( and [roads](. - We’d better be ready for a Deutsche Bank-Commerzbank pairing to [go horribly wrong](. - Deutsche Bank and Trump have a [long, checkered history](. - AT&T’s introduction to Hollywood was even [more awkward than expected](. America’s Modern Problems If these were normal times, we’d be talking much more about our normal problems, rather than our relentless state of political emergency. But issues that plague millions of Americans mostly fly under the radar these days. Maybe the worst of these is the opioid crisis, which has gotten some political attention, but little action. Heroin and opioids combined kill more Americans than guns or car accidents. And Noah Smith writes that recent studies suggest addiction could be [contributing to weak labor-force participation]( by keeping large numbers of able-bodied workers on the sidelines, which hurts the whole economy. Another addictive substance, nicotine, is enjoying a renaissance thanks to e-cigarettes. These devices are touted as safer than traditional smokes, but their long-term effects are still a mystery. And their array of sweet and fruity flavors makes them especially alluring to young kids. The FDA has proposed some regulations, but [they’re not nearly tough enough](, Bloomberg’s editorial board writes.  Opioids and e-cigarettes affect Americans of all classes, which helps explain why they do get some attention. Other problems weigh more heavily on the underprivileged and are even less visible as a result. Air pollution, for example, may be deadlier than opioids, but it primarily affects the poor – even though [the rich are far bigger producers of it](, notes Cass Sunstein. Pedestrian deaths are rising in America, meanwhile, and not just because of texting and SUVs. Increasingly, Justin Fox notes, victims are poor people [trying to walk in places not designed]( for pedestrians – dismal “arterial” roads full of strip malls, for example – while the rich live relatively untroubled in pedestrian-friendlier areas. Further Deadly Vice Reading: A new study suggests frequent [egg consumption will make you die faster](. But many other popular breakfast foods (delicious doughnuts, for example) will kill you even more quickly. – Faye Flam Slouching Toward Frankfurt to Be Born If Deutsche Bank AG is too big to fail or [even to be rescued](, as John Authers suggests, then a combination of Deutsche Bank and Commerzbank AG will really be too big for comfort. That’s just one reason the list of [people who don’t want these banks to merge]( is shockingly long, as Matt Levine notes. German officials, the rare exception to that list, are trying to jam the banks together anyway, on the long-debunked theory that two sickies will surely make a wellie. But they and [European regulators had better be prepared]( for when this unloved conglomeration runs into trouble, Bloomberg’s editorial board warns. That includes making the combined bank raise more capital and finalize a crisis plan, while giving regulators more tools to deal with a disaster. Further Unloved German Bank Deal Reading: What, exactly, [should Deutsche Bank pay]( for Commerzbank? – Chris Hughes Trump’s Favorite Bank Speaking of Deutsche Bank, the New York Times last night published an exhaustive [account]( of the bank's long history of dealings with Donald Trump before he became president. Tim O’Brien writes about all the ways [Deutsche Bank kept taking chances on a flailing customer]( its rivals considered too toxic. The German bank was trying to build its American muscles, which might be why it kept working with Trump, who allegedly overstated his wealth to get more loans, Tim notes. (Fun fact: Trump unsuccessfully sued Tim for reporting he was worth a lot less than he claimed.) And there’s still a chance the Trump-Deutsche Bank string could run right into the messy knot of federal Trump probes, Tim writes. Hooray for Hollywood? You probably shouldn’t feel too sorry for AT&T Inc., but its early days as a Hollywood player have been rocky. Just weeks after elevating Warner Bros. movie chief Kevin Tsujihara to a key role in its Time Warner merger, AT&T had to let Tsujihara go after learning he had a consensual, but inappropriate, relationship with an actress. Tara Lachapelle points out this is not only [a headache for AT&T]( but a widespread problem in an industry that doesn’t value women. AT&T might soon long for the days it was just a phone company. Further Media Reading:  The Walt Disney Co. will suffer [indigestion as it absorbs Fox assets]( and launches a new streaming service; but it should all be worth it. – Tara Lachapelle Telltale Charts China’s reported threat to leave Boeing Co. 737 Max planes out of a potential trade deal is the latest sign of [rivals taking advantage of the plane maker’s troubles](, writes Brooke Sutherland. China may not be a big customer, but could start a broader trend. The market rally this year seems to have ignored how [badly U.S. multinationals are faring](, warns Stephen Gandel.  Further Reading Kazakhstan’s retiring president may have given [Vladimir Putin a blueprint]( for clinging to power. – Leonid Bershidsky David Tepper hasn’t owned the Carolina Panthers long, but he knows how [to play local governments against each other](. – Joe Nocera It’s not clear who would benefit from [ending the Electoral College](. – Jonathan Bernstein If drugs are expensive in the U.S., they are [astronomically expensive in China](; but maybe not for long. – Shuli Ren Africa has [an obesity crisis]( too. – Kasumi Iwase Alan Krueger, who died this weekend at 58, [led an economics revolution]( favoring empirical evidence over theory. – Noah Smith Evidence-based investing makes sense, but it has [not helped its own cause]( in the past decade. – Nir Kaissar How to [fill out your NCAA bracket]( using factor-investing tools. – Aaron Brown Kickers FINALLY, somebody is [giving the NIT Tournament]( the attention it deserves. (h/t Jamie Ellis) There's reason to doubt the [workplace wellness industry](. Shen Yun is not just a source of ubiquitous subway ads; it’s [a very real, weird thing](. The [unsolved mystery of the soldier]( who died in a watchtower in Afghanistan. Note: Please send brackets and complaints to Mark Gongloff at mgongloff1@bloomberg.net. New to Bloomberg Opinion Today? [Sign up here]( and follow us on [Twitter]( and [Facebook](. [FOLLOW US [Facebook Share]]( [Twitter Share]( SEND TO A FRIEND [Share with a friend] You received this message because you are subscribed to Bloomberg's Bloomberg Opinion Today newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( Bloomberg L.P. 731 Lexington, New York, NY, 10022