Exactly. Fake News was first used to describe links on Facebook to websites called Freedom News Network that had stories about Hillary Clinton being caught in the Bahamas with toddlers. Most of these websites were from places like Estonia. Very much the literal sense of “fake news”. They came out in mass towards the end of 2016 to try to chip away the dumbest of the dumb voters.
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When Trump won the election he immediately stole this term to describe any news article which he personally didn’t like, regardless of actual content. The right then started using it in the same fashion. So if say the New York Times prints an article that is confirmed to be 100% factual that paints the President in a negative light.
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