SNIP to the meat: The President routinely describes reporting he dislikes as FAKE NEWS. The Administration calls the press “the opposition party,” ridicules news organizations it doesn’t like as business failures, and calls for journalists to be fired. Mr. Trump has called for rewriting libel laws in order to more easily sue the press. This isn’t unprecedented in U.S. history, though you might have to go back to the Administration of John Adams to see something quite like it. And so far the rhetorical salvos haven’t been matched by legal or regulatory action. Maybe they never will be. But the...