Why would they fear a candidate who is falling in the polls like a rock and is just about to pass Huckabee and join the second tier of candidates.
He's only "falling like a rock" because they've been able to sell Huckabee on the unsuspecting public. Once that bloom fades off the rose, Thompson will be back up -- so the media tries to make hay about the trends while they can.
Meanwhile the NRLC endorses Thompson, despite heavy lobbying by Romney and Huckabee, and the NRA isn't going to be far behind, if the rumors are true. Do you think those organizations think Fred is "foundering"?
They fear him for the same reasons you do.