Stylized Facts

It's remarkable, in a way, that the Enquirer still exists at all, let alone that it's enjoying a moment in the journalistic sun. In the age of Gawker, Twitter, and TMZ.com, a weekly scandal sheet seems quaint, if not archaic. And in an era when newspapers are fighting desperately for readers, you would think that the mainstream media -- hemorrhaging subscribers and hungry for online eyeballs -- would uncover all the really interesting scandals first.

But you'd be wrong. The Internet is very good at generating gossip, but lousy at the dogged work of transforming rumor into news. And the national press almost seems more uncertain about when and whether to probe into politicians' private lives