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Yes, when it comes to libelous speech, the government has to determine many things. I understand and sympathize with the criticism of the new policy as laying the groundwork for an expansion of government bureaucracy in this area. But that's all we are talking about here. Nothing is happening to Twitter that isn't already the case with the Wall Street Journal or the NYT. Given the strength of libel protections in the US, I don't think there's likely to be much effect.
And no, I don't support such regs because of a fact check. I don't even know the facts about the fact check, as I don't usually follow such stories. I've supported treating Twitter and other social media entities like publishers for years now.
This is a typically dishonest post, Inga. Trump's outrage and hastily put-together EO were in response to a statement of his being flagged as inaccurate (something Twitter has shown extreme restraint in). The determination that it's not "neutral" (like the assertion that neutrality as determined by the president is a necessity for freedom of speech) is wholly baseless.
The comparison to the WSJ or the NYT is also very disingenuous. The WSJ and NYT don't have millions of writers working every day. It would be impossible to monitor every tweeter, and thus the practical effect of Twitter not obeying the president would be that it gets shut down. So, again, we're looking at a situation where a company has to meet arbitrary standards of the president (which includes not criticizing him) or they get shut down. You can say "I support freedom of speech" all you want, but if you don't strenuously object to a real-world example of the gov't suppressing criticism like this, it's meaningless. The whole point of having the right enshrined in our Constitution is to prevent exactly the kind of action that you're cheering on.
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