The media equally screwed the pooch on this one as they do pretty much every time now. I think somebody put it best (it might have been Brokaw) when they said at this point cable news is nothing more than a rumor mill. They're in all in a race to report the latest rumor first, without any verification whatsoever.
That's the difference between old school journalism and the new 24/7 news: back then you had to verify a story before you ran it. You had time (at least in print) to gather all the facts and put together a narrative.
Now it's DEFCON 1 with "reporters" everywhere trying to... get that latest rumor.