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Deregulation Spurred SVB Bank Bust, so the Disinfo Machine Blames ESG [1]
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Date: 2023-03-16
[Editor note: This was published Tuesday, but was caught in the DKos downage and not exists in some sort of 403 error purgatory. Reposting today to have a workable version online.]
Every crisis is an opportunity for disinformation. As the unexpected (or expected) unfolds, details are sparse, so those who wait to confirm the facts before spreading a claim (like experts and journalists) will always be one step behind those who use moments of uncertainty to strategically push a narrative motivated by politics or profits. It's a fundamental asymmetry that gives disinfo-spreaders an advantage, as their shameless disregard for factual reality means they can set the initial tone, before facts are in. By the time the truth is known and reported, it's essentially in response to the initial disinformation.
This is why any successful effort to address disinformation needs to take an actor-based approach that doesn't let the same sources repeatedly spread disinformation.
Case in point: over the weekend, the Silicon Valley Bank (SVB) went kaput and as Trump's 2018 regulatory rollbacks are likely partly responsible, the MAGA crowd was quick to shift the blame.
Breitbart ran two pieces casting SVB as a " woke and now broke " and " ESG evangelist ," while The Washington Times and Newsmax quoted Home Depot co-founder, right-wing donor Bernie Marcus, who questioned whether the DOJ "would go after them" and concluded that "they're a woke company, so… they'll probably get away with it." The Wash Times also had columnist Cheryl Chumley claim that SVB’s failure shows "the folly of climate change investments."
These outlets established to spread right-wing propaganda in the guise of news functioned as designed, while the reality-based community is busy protecting investors and trying to prevent a run on banks.
For the public this should be a lesson about how unchecked capitalism is self-destructive and an expensive reminder of the importance of regulations to protect consumers from poor corporate governance—the G in ESG!
Those involved in the coordinated anti-ESG campaign needed to convince their followers of exactly the opposite, arguing that the bank failed because of ESG.
For those trying to address disinformation this situation shows that attempts to moderate individual pieces of content by relying on fact checks don’t work. Disinformation spreads before true information is known, making fact checks good for setting the record straight, but not until after the disinformation has already spread.
On the other hand, repeat-offender-based disinformation mitigation strategies that focus on the organizations and individuals doing the most damage by spreading the most disinformation most regularly could have prevented this, as the outlets and actors in the latest SVB disinformation saga are well-known vectors who have long since proven unworthy of getting the benefit of the doubt.
Billionaire culty grifters didn’t fund these sources to carry the honest truth; they propped them up to spread propaganda, and these outlets are going to do so every chance they get.
And that is something you can reliably take to the bank.
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[1] Url:
https://www.dailykos.com/stories/2023/3/16/2158561/-Deregulation-Spurred-SVB-Bank-Bust-so-the-Disinfo-Machine-Blames-ESG
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