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Friday, May 29, 2020

It’s Trump vs. Twitter - The New York Times

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President Trump signed an executive order yesterday seeking to strip social networks of legal protections for user content. It’s unclear whether this is legally possible, and the threat of it didn’t seem to deter Twitter, the main target of Mr. Trump’s anger.

At issue is Section 230 of the Communications Decency Act, which protects tech companies from liability if users post defamatory messages on their platforms. Mr. Trump wants to eliminate that shield by giving federal regulators, like the F.C.C., leeway to examine whether social networks improperly restrict access to others’ content.

• “Social media giants like Twitter receive an unprecedented liability shield based on the theory that they’re a neutral platform, which they’re not, not an editor with a viewpoint,” he said in the Oval Office as he signed the order. (The Times’s Kevin Roose writes that Mr. Trump’s approach is an age-old internet tradition of rebelling against moderators.)

Many legal experts say the order may not succeed. The Times’s Charlie Savage explains that courts have been skeptical about the F.C.C.’s ability to weigh in on lawsuits. And agencies can’t override acts of Congress.

• But the order escalates debate in Congress over the future of Section 230, with some lawmakers having already questioned whether the provision should be amended. Joe Biden is also on the record calling for Section 230 to be revoked.

• The Times’s Peter Baker and Dai Wakabayashi noted a potentially unintended consequence of the executive order: Social media platforms may not want to risk the liability that would come from carrying Mr. Trump’s problematic posts.

Twitter appeared unfazed by the threat. This morning it flagged a tweet by Mr. Trump suggesting that protesters in Minneapolis could be shot — a message that the company said violated policies against glorifying violence. (The tweet, which is still online, is accessible only after clicking through a warning message.) That came after the social network fact-checked a tweet this week by Mr. Trump about mail-in voting — “we knew from a comms perspective that all hell would break loose,” a Twitter executive explained — and has continued labeling tweets by others as potentially misleading.

• Facebook, meanwhile, has sought to distance itself from the controversy. Mark Zuckerberg told Fox News this week that his company “shouldn’t be the arbiter of truth.” But Business Insider notes that the company was targeted by Mr. Trump’s order anyway.

• In the executive order, Twitter is mentioned six times, Facebook twice, and Instagram and YouTube once each.

Credit...Kevin Frayer/Getty Images

The U.S. and China escalated their tough talk, leading to fears about all-out “financial war.” Global stocks fell this morning, and U.S. stock futures are pointing down. President Trump is holding a news conference on China later today.

Americans are worried about the end of pandemic aid measures, most of which are set to expire by the summer. “This economy is clearly going to need more support,” Aneta Markowska, Jefferies’ chief economist, told The Times’s Ben Casselman.

Are Facebook’s actions rooted in fears of Washington? In light of reports about the company’s downplaying internal research into polarization on its platform, our colleague Shira Ovide writes in her On Tech newsletter: “If Facebook picked its paths based on which political actors would get angry, that should make people of all political beliefs cringe.”

In case you missed it … five of this week’s feature articles that are worth your time:

• What happens when the C.E.O. gets the coronavirus?

• Why fashion shows may never be the same

• How the wealthiest hospital chains got billions in bailouts for struggling health care providers

• A photo essay about how passenger planes are being retrofitted to carry cargo

• An obituary of Stanley Ho, who turned tiny Macau into the world’s richest gambling hub

Credit...Jacquelyn Martin/Associated Press

The U.S. dollar has gained about 7 percent this year against a basket of major currencies. But as interest rates hit rock bottom, the printing presses rev up and the government borrows big, can it retain its haven status?

So far, it’s going according to plan. A recent research note from Oxford Economics found that since 1973, the dollar has appreciated an average of 6 percent in the past six recessions. It expects this to remain true during the coronavirus downturn, but not for the usual reasons. Foreign investors dumped Treasury bonds at a record rate in March, which would normally push the dollar down. But since the Fed introduced its huge stimulus programs, the stock market has become a “safe refuge,” propelled by tech stocks.

Will the “magic money” run out? In a forthcoming essay in Foreign Affairs, Sebastian Mallaby writes about the “opportunity and peril” of the new era of aggressive government spending. In past periods of high national debt, leaders have tried to co-opt the central bank. If that happens with the Fed, Mr. Mallaby writes, “the age of magic money could end in catastrophe,” namely a dollar crisis that could throw the world back into turmoil.

But what about inflation? So what, The Times’s Neil Irwin writes. (We are paraphrasing.) If anything, he notes, “if the Fed has to raise interest rates and Congress has to cut budget deficits to stop inflation from settling in at excessive rates, that will reflect an economy that has returned to full health.”

Speaking of dollars, America’s largest dollar-store chains reported their latest quarterly results yesterday, blowing away expectations for sales and profits. They generally do well during periods of high unemployment and weak economic growth, and the coronavirus crisis is no exception. Classified as essential retailers, their stores have stayed open throughout the pandemic.

The chains are on a hiring spree. Dollar General said it had hired more than 50,000 people since mid-March, and Dollar Tree hired more than 25,000 over a similar period. Both are paying special bonuses for workers during the pandemic; Dollar General said these totaled $60 million in its latest quarter. Still, stories have emerged of substandard working conditions at the stores, before and since the coronavirus outbreak.

• Both companies’ stock prices are up nearly 20 percent this year, easily outperforming the market and nearly doubling the rises recorded by Walmart and Target.

Credit...Joseph Prezioso/Agence France-Presse — Getty Images

Peter J. Henning is a professor at the Wayne State University law school, and previously served in the enforcement division of the S.E.C. and in the fraud section of the U.S. Justice Department. Here, he looks at a wrinkle in the plea bargain for some of the highest-profile defendants in the college admissions scandal.

More than a year after their arrests, the actress Lori Loughlin and her husband, the fashion designer Mossimo Giannulli, pleaded guilty to conspiring to get their daughters admitted to U.S.C. as part of the “Varsity Blues” scandal. If the agreement with prosecutors is approved by the judge in the case, Ms. Loughlin would serve two months in prison and Mr. Giannulli would serve five, in addition to fines and community service.

But there is a provision in the plea agreement that could allow the couple — among the highest-profile parents in the scheme — to argue for an even more favorable deal.

The Coronavirus Outbreak

  • Frequently Asked Questions and Advice

    Updated May 28, 2020

    • What’s the risk of catching coronavirus from a surface?

      Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.

    • What are the symptoms of coronavirus?

      Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.

    • How can I protect myself while flying?

      If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)

    • How many people have lost their jobs due to coronavirus in the U.S.?

      More than 40 million people — the equivalent of 1 in 4 U.S. workers — have filed for unemployment benefits since the pandemic took hold. One in five who were working in February reported losing a job or being furloughed in March or the beginning of April, data from a Federal Reserve survey released on May 14 showed, and that pain was highly concentrated among low earners. Fully 39 percent of former workers living in a household earning $40,000 or less lost work, compared with 13 percent in those making more than $100,000, a Fed official said.

    • Is ‘Covid toe’ a symptom of the disease?

      There is an uptick in people reporting symptoms of chilblains, which are painful red or purple lesions that typically appear in the winter on fingers or toes. The lesions are emerging as yet another symptom of infection with the new coronavirus. Chilblains are caused by inflammation in small blood vessels in reaction to cold or damp conditions, but they are usually common in the coldest winter months. Federal health officials do not include toe lesions in the list of coronavirus symptoms, but some dermatologists are pushing for a change, saying so-called Covid toe should be sufficient grounds for testing.

    • Should I wear a mask?

      The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.

    • What should I do if I feel sick?

      If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.

    • How can I help?

      Charity Navigator, which evaluates charities using a numbers-based system, has a running list of nonprofits working in communities affected by the outbreak. You can give blood through the American Red Cross, and World Central Kitchen has stepped in to distribute meals in major cities.

They are permitted to argue that “the prosecutor in this case engaged in misconduct that entitles defendant to relief from defendant’s conviction or sentence.” This a rare provision, and as a result, Ms. Loughlin is likely to serve just four or five weeks of her term.

The defendants have argued that Rick Singer, the mastermind behind the admissions scheme, enticed them into making statements that entrapped them. The F.B.I. had Mr. Singer record his conversations with the defendants, and the defense says he was coached to lie to the parents about the nature of the payments he advised them to make.

The judge overseeing the case, Nathaniel Gorton of the Federal District Court for Massachusetts, called the accusations “serious and disturbing.” This hints at the potential for a reduced sentence.

The U.S. attorney’s office wants to avoid a trial, because putting Mr. Singer on the witness stand may result in a finding of prosecutorial misconduct. By accepting the plea agreements, the Justice Department can claim victory — even though not everything went to plan.

Deals

• California regulators approved PG&E’s reorganization plan, the final hurdle for the utility to emerge from bankruptcy protection. (NYT)

• Shares in JDE Peet surged in their market debut this morning, valuing the packaged-coffee company at more than $17 billion. (Reuters)

Politics and policy

• The last act of Joseph Otting, who is stepping down today as one of America’s top banking regulators: easing anti-redlining rules, despite opposition from bank trade groups. (NYT)

Tech

• Elon Musk cleared the first milestone for his $55 billion incentive package at Tesla by hitting revenue and market cap requirements. (Business Insider)

Best of the rest

• How Luckin Coffee, the once high-flying Chinese coffee chain, reportedly cooked its books. (WSJ)

• How private jet owners got a subsidy from coronavirus relief funds. (NBC News)

We’d love your feedback. Please email thoughts and suggestions to dealbook@nytimes.com.

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It’s Trump vs. Twitter - The New York Times
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