Civics: News outlets paid off old editorial promises with new headlines: Ponzi journalism.

Matt Taibbi:

This technique of using the next bombshell story to push the last one down a memory-hole — call it Bombholing — needed a polarized audience to work. As surveys by organizations like the Pew Center showed, the different target demographics in Trump’s America increasingly did not communicate with one another. Democrats by 2020 were 91 percent of the New York Times audience and 95 percent of MSNBC’s, while Republicans were 93 percent of Fox viewers. When outlets overreached factually, it was possible, if not likely, that the original target audience would never learn the difference.

This reduced the incentive to be careful. Audiences devoured bombshells even when aware on a subconscious level that they might not hold up to scrutiny. If a story turned out to be incorrect, that was okay. News was now more about underlying narratives audiences felt were true and important. For conservatives, Trump was saving America from a conspiracy of elites. For “liberal” audiences, Trump was trying to assume dictatorial power, and the defenders of democracy were trying to stop him.

A symbiosis developed. Where audiences once punished media companies for mistakes, now they rewarded them for serving up the pure heroin of shaky, first-draft-like blockbusters. They wanted to be in the trenches of information discovery. Audiences were choosing powerful highs over lasting ones.

Moreover, if after publication another shoe dropped in the form of mitigating information, audiences were disinterested, even angry. Those updates were betrayals of the entertainment contract, like continuity errors. Companies soon learned there was a downside to once-mandatory ethical practices. Silent edits at newspapers became common, and old standards like the italicized editor’s note at the bottom of the page letting you know this or that story had been “updated” began to disappear.