THE ETERNAL RETURN.

Selected sections from Megan McArdle on how Fox News Matt Drudge The rise of warblogs Duck Dynasty big money and newspapers will make the liberalmedia less liberalmedia:

Those of us in Washington live in an era of Democratic triumphalism. Most of the Democrats I talk to are convinced that their destiny is almost upon them.

So, that's Matt Yglesias and the black lady on the bus?

People will come to the news assuming that the people making it have an agenda -- and they will seek out outlets that match their own agenda, if they see political news at all.

Boy, when people find out about this Media Bias stuff, there'll be some changes I tell you what,

A more ideological media will be hiring more conservatives, and that will change what a large portion of the country gets as news.

Because conservatives gots all the moneys, I guess. Well, I figured that crony capitalist Obama stuff was bullshit. (Later: "As I say, a more ideological media will probably also be a more conservative media, because there are a lot more conservatives in the donor class, and in the audience, than there are in the media." Ah, the audience! If only all those hardcore American conservatives knew how to find Breitbart.com, this revolution would have already taken place! Too bad they made the URL so difficult to spell. Maybe a button at AOL would help.)

How much does this matter? In his pretty convincing book, "Left Turn: How Liberal Media Bias Distorts the American Mind," Tim Groseclose of UCLA argues that it matters a lot. Here’s how he lays out recent research on the question of media effects:

[Long incomprehensible blockquote with statistics] 

The concept of media lambda is a bit technical, so I won’t explain it here; check out Groseclose’s book if you’re interested.

(groans, holds head in hands)

What this summary suggests is that a large number of people, from political professionals to academics who have studied the matter, think that the media’s ideological composition has a substantial effect on elections.

And we're back where we started and, for all I know anymore, where we've always been: A "large number of people" believe it, and everything proceeds from that, with a few lambdas thrown in to confuse the yokels.

I never thought I'd say this, but McArdle's starting to give Goldberg a run for his money.