A couple years ago the journalist Matt Taibbi came up with a telling new term for the way the media works in our time: bombholing. Bombholing is the practice of publishing wild and unsubstantiated stories in the press, then sending those same stories down the memory hole when they turn out to be false. Then the media hits viewers with a new “bombshell,” which makes people forget the old “bombshell.” Viewers are led “from mania to mania.” Taibbi once laid it out in more detail: News in the Trump years became a narrative drama, with each day advancing a tale...