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Illustration: Rebecca Zisser/Axios

Facebook might have more people more connected for more hours than any company in human history. But it’s Twitter, with a fraction of the users, that controls what the media and much of America think about, talk about — and try to censor. 

The big picture: Twitter’s awesome power was on full display on Labor Day as The New Yorker, which had proudly announced Steve Bannon as a headliner at the annual New Yorker Festival, promptly retreated when liberals on Twitter revolted, including other festival speakers who vowed to withdraw.

  • New Yorker Editor David Remnick said in an 800-word note to his staff: "I don’t want well-meaning readers and staff members to think that I’ve ignored their concerns. ... I’ve changed my mind. There is a better way to do this."
  • "If the opportunity presents itself," Remnick continued, "I’ll interview him in a more traditionally journalistic setting as we first discussed, and not on stage."
  • Bannon crowed: "In what I would call a defining moment, David Remnick showed he was gutless when confronted by the howling online mob."
  • Bannon added: "Progressives are triggered like never before."

This was simply the latest example of activists demanding — and getting — swift action against the media, companies and platforms:

  • In May, Roseanne Barr, after blaming "ambien tweeting" for racist tweets, faced an instant backlash on the same platform, losing advertisers — and, soon after, her ABC show. 
  • In April, The Atlantic — after defending the hire for two painful weeks — axed conservative writer Kevin Williamson, whose writing on abortion and some 2014 tweets provoked a Twitter backlash.
  • In March, at least eight advertisers fled Laura Ingraham's Fox News show in response to a boycott drive by Parkland survivor David Hogg after she mocked him on Twitter.
  • In 2016, Kellogg's and other companies stop advertising on Breitbart after a campaign on Twitter. 

The New Yorker fracas unfolded after Trump used Twitter to own the holiday conversation by bashing the "Rigged Witch Hunt," John Kerry, Richard Trumka, and his own Justice Department for indicting sleazy congressmen for disqualifying behavior. 

  • Why it matters ... Twitter is the arena of extremes: Trump can light a half dozen fires a day, the media endlessly covers the bonfire of the vulgarities, and Democrats rise in synchronized protest to punish those who feed off Trump’s arsonist ways. 

Be smart: Facebook COO Sheryl Sandberg and Twitter CEO Jack Dorsey are walking into a political firestorm on Capitol Hill tomorrow.

  • Republicans are increasingly united in combating what they see as censorship of conservatism, as much as they are focused on election and data manipulation. This week will be epic. 

Go deeper

Biden condemns Russian aggression on 7th anniversary of Crimea annexation

Putin giving a speech in Sevastapol, Crimea, in 2020. Photo: Mikhail Svetlov/Getty Images

President Biden reaffirmed U.S. support for the people of Ukraine and vowed to hold Russia accountable for its aggression in a statement on Friday, the 7th anniversary of Russia's 2014 invasion of Crimea.

Why it matters: The statement reflects the aggressive approach Biden is taking to Russia, which he classified on the campaign trail as an "opponent" and "the biggest threat" to U.S. security and alliances.

Erica Pandey, author of @Work
2 hours ago - Economy & Business

What's really going on with the labor market

Source: YCharts

The labor market is showing some signs of improvement: Jobless claims fell to 730,000 — a dramatic drop from 841,000 the previous week. And the latest jobs report showed a pandemic-era low unemployment rate of 6.3%

But, but, but: That's not the full story, experts say.

Felix Salmon, author of Capital
3 hours ago - Economy & Business

Markets see rare convergence milestone

Expand chart
Data: YCharts; Chart: Axios Visuals

A milestone was reached in the markets Thursday: The yield on the 10-year Treasury note rose to match the dividend yield on the S&P 500

Why it matters: The two yields have been inverted since the beginning of last year, which is historically unusual.