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Jones stated that the Sandy Hook victims were crisis actors. he knew that to be false. it was an egregious case of defamation. knowingly spreading lies that damage someone's reputation is called slander, and it's not protected by the first amendment. neither is shouting "fire" in a crowded theater, or committing perjury, or falsifying your income taxes.
The fact that a conspiracy talk radio guy can get hit with a billion dollar fine for some off-hand nutso claim (that he subsequently recanted!) is a very unpromising barometer for the health of free speech in our country.