The Media Are Vince McMahon ...

If you want to understand media narratives -- and why the press has made Barack Obama into a hero (at least, for now) -- all you have to understand is pro-Wrestling. 

If you've ever watched the WWE for any length of time, you'll notice that the writers make some wrestlers "good guys" and some "heels"(a bad guy). (At least, that's how it used to work.  Now days the wrestlers are sometimes more "nuanced.")  

A wrestler's identity can last for a long time, so long as that character is entertaining and good for business.  But as soon as a good guy character becomes boring (this could take days or years, depending) the writers will make him into a "heel" (a bad guy.    

Media narratives are similar.  And the result is that the media will play up stories that confirm the narrative, and downplay stories (like Rezko, for example) that undermine the narrative (mixing narratives is bad for business).

In fact, Bill Clinton was on to something when he described it as a "fairy tale."  Right now, it's good for all of us to have this image of Obama as the "knight in shining armor" archetype.  It sells newspapers,  gives us talking points for TV spots, etc.  But it won't last forever.  Eventually, the media will make him into a "heel"  The question is whether or not he will be in the White House before that happens ...