Glenn Reynolds, in a new TCS column, with more thoughts in response to Peggy Noonan's ennui:

But while the members and hangers-on of yesterday's power structures are mulling their reduced prospects, ordinary people seem to be doing pretty well, as the economy continues to boom, small businesses to form, and new kinds of enterprises take off. We certainly don't view government with the same awe we felt before Watergate broke, or journalism with the same respect it had before Dan Rather struck, but all available evidence suggests that it was our earlier attitudes that were misinformed.

Indeed.