This needs to be repeated every time someone pleads, "Who could have known?" Plenty of people did see the disaster coming. Most of them were marginalized, however, laboring at out-of-the-way econ departments, blogs and B-list think tanks. They were excluded and even ridiculed because their larger understanding of the economy was not one that fit well with the sort of Wall Street worship preached by the likes of CNBC....

The reasons the financial-entertainment biz failed us are many and complex, but they ultimately come down to this: In the marketplace to describe the marketplace itself, there is precious little competition. There is a single, standard product that comes in packaging that is alternately sultry, energetic or fun--bitter, brainy or Cramer "crazy"--but which rarely strays beyond certain ideological boundaries.

At such outlets, "Adversarial voices are few. Criticism is sacrificed for access. Advice sometimes shades over into simple propaganda." For some analysis of the current flavor of just such propaganda, listen to the new edition of FAIR's radio show CounterSpin: "Melissa Harris-Lacewell on Earmarks" (3/13/09).

For the Beltway commentariat, however, transcending partisanship is the most meaningful of issues, more important, one senses, than the economic problems that trouble those people at town-hall meetings. "Nothing was more central to [Obama's] victory last fall than his claim that he could break the partisan gridlock in Washington," wrote the Washington Post's David Broder a few weeks ago, in an altogether typical expression of media perceptions.

The way I remember it, the No. 1 issue in the election was the collapsing economy, followed at some distance by the Iraq war. On both of these questions, Mr. Obama prevailed because he was the candidate who promised most convincingly to reverse Republican policies--not because he planned to meet the GOP halfway across the charred ruins of American prosperity.

The reason the Washington media think bipartisanship is the top issue, even when economic disaster stomps Americans like Godzilla, is because of the way it reflects their own professional standards. They are themselves technically impartial, and so it's only natural for them to wish for a hazy millennium in which everyone else in Washington is impartial, too.

Frank delineates the really insidious nature of what "is supposed to be high-minded stuff, this longing for a bipartisan golden age": "In some ways it is the most cynical stance possible. It takes no idea seriously, since everything is up for compromise." See the recent FAIR Media Advisory: "Bipartisanship=Shifting Right?: Media Mull White House Failures Over Stimulus Partisanship" (2/3/09)