Great analysis today from several sources on the troubles over at Newsweek. For those who haven't followed the story closely, Kevin McCullough has a recap of the entire situation. Brent Bozell says that the scandal at Newsweek has eerie parallels to Rathergate. Rich Galen speculates on Congressional hearings. Finally, James Taranto says that Howard Fineman was right (first item).
My personal opinion is that Newsweek, like a lot of other mainstream media organizations, was looking for something bad to write about the Bush Administration and the war on terror in particular. In fact, Jame Taranto's analysis that the media's obsession with creating another great victory for themselves along the lines of Viet Nam and Watergate is probably most accurate.
What mainstream media organizations fail to realize is that by becoming crusaders instead of simply reporting facts they sacrifice what little credibility they have. Newsweek has literally flushed their credibility down the toilet.