I’ve spent 30 years drafting disclosure language for private placement memoranda. A disclosure has one job: warn the reader before he relies on something that might mislead him. New Mexico just tried to point that same tool at a joke.

The Babylon Bee, the Christian satire site known for headlines no one mistakes for news, sued New Mexico officials this week over House Bill 182. The lawsuit, filed by Alliance Defending Freedom in federal court, argues the state is forcing the Babylon Bee to slap a government-scripted warning label on its own political comedy, and that doing so violates the First Amendment.

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Start with the text, which is not complicated. Congress, and by incorporation the states, “shall make no law … abridging the freedom of speech, or of the press.” New Mexico’s law does not ban satire outright. It does something the Supreme Court has treated as nearly as serious: it compels speech the speaker would not otherwise choose to........

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