Editor-in-Chief, co-founder of Semafor, and host of the Mixed Signals podcast Ben Smith assesses how the media lost its footing during the Trump years—not through lies, but through disproportion. He critiques the rise of "disinformation" as a catch-all beat and notes that Substack surprised him by housing everything from bug-eating conspiracies to teen memoirists. Plus the structural distrust in media—and how even flawless reporting wouldn't have prevented audience collapse. Produced by Corey Wara

Production Coordinator Ashley Khan

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