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The first is that Trump was compromised by the Russians and colluded with them to hack the DNC and Clinton campaign to destroy her candidacy. After 18 months, the FBI and Robert Mueller probes have failed to demonstrate this.

The second narrative is now ascendant. It is this:

In mid-2016, James Comey and an FBI cabal, including Deputy Director Andrew McCabe, lead investigator Peter Strzok and his FBI paramour Lisa Page, decided Clinton must not be indicted in the server scandal, as that would make Trump president.

So they colluded and put the fix in.

This alleged conspiracy is being investigated by the FBI inspector general. His findings may explain last week’s sudden resignation of McCabe and last summer’s ouster of Strzok from the Mueller probe.

If true, this conspiracy to give Hillary a pass on her “gross negligence” in handling secrets, and take down Trump based on dirt dug up by hirelings of the Clinton campaign would make the Watergate break-in appear by comparison to be a prank.

Here we may have hit the reason for the panic in the media.

Trump-haters in the press may be terrified that the memo may credibly demonstrate that the “Deplorables” were right, that the elite media have been had, that they were exploited and used by the “deep state,” that they let their detestation of Trump so blind them to reality that they made fools of themselves, and that they credited with high nobility a major conspiracy to overthrow an elected president of the United States.