The big thing to know about the media is that they're not out there "covering stories." The way to think about the media is that it's basically the same as one of those TV soap operas that's been on the air for twenty or thirty years. The story just rolls on, curving and unfurling, no matter who the actors are and no matter who the writers are. The story itself is bigger than the actors or the writers. The filthy hacks at the [Wall Street] Journal are basically no different than the aspiring novelists and screenwriters who take jobs writing for "General Hospital"; they've been hired on to the show for a few years and they're doing their best to keep it entertaining.
On an unrelated but mesmerizing note, if you want to see something roll on beautifully, install the Magnetosphere visualizer plugin for iTunes (via O'Reilly Radar). It's by far the prettiest music visualizer I've seen so far.