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No, not fake news. The NYT is apparently reporting some facts. The NYT, is, however, dramatically spinning.

explosive implications ???

The implication, especially because there was no appropriate predicate, such as Trump being caught with suitcases full of Chinese-originating cash, as Gore allegedly was, or that the DOJ/FBI was in possession of a 100% verified Steele dossier that indicated coordination with a foreign entity toward the end of materially affecting a (presidential) election.

Absent that type of predicate, which might reasonably justify a full-on investigation, the situation manifests the fact that the "explosive implication" is that whoever ordered the investigation was laying the foundation of a coup, which has now become full blown, enlisting dozens of complicit political operatives from within the US government to carry out the crimes implicit to that coup.