Not long ago, pundits feared ongoing allegations about President Bush's National Guard service would hijack the campaign, forcing the candidates to waste precious pre-election time talking about a 30-year-old war. Instead, days after CBS News admitted that it may have featured forged documents in its blockbuster story on Bush's guard activities, something worse has occurred: We are wasting time talking about CBS' coverage of Bush's Vietnam War-era service. It may have been one of the most rapid disintegrations of a major news story since Jayson Blair. Within hours of the 60 Minutes story Sept. 8 alleging family influence got Bush...