Start with the journalism that caused all of this. The Wall Street Journal reported that Fed Vice Chair Michelle Bowman attended a private dinner of bankers hosted by Bank of America — hours after a Fed meeting, during the blackout period, talking about interest rates. Rupert Murdoch's business paper putting the central bank's ethics on the record: credit where it's due, that is the job, done properly. * That scoop is why Wednesday's Senate hearing mattered. New Fed chair Kevin Warsh was asked whether he had so much as raised the dinner with Bowman. He declined to say — there's an inspector general investigation, you understand. He was also asked who handed him the $100 million he was required to divest right before being sworn in. Asked directly if it was billionaire Stanley Druckenmiller, he said “No,” and left the actual answer in the vault. * Elizabeth Warren's summary, verbatim: “The tone that you are setting is one that seems to invite corruption.” * Now the coverage. CNN's headline: “Elizabeth Warren blasts Kevin Warsh, saying he 'seems to invite corruption.'” Diagram that sentence. Warren is the subject. “Blasts” is the verb. Warsh is the object, standing there receiving a blasting. The man who wouldn't answer two questions about money is grammatically a bystander at his own hearing. * “Blasts” comes from the same drawer as “slams,” “rips” and “torches” — verbs that convert oversight into content. They tell you a performance occurred. They are studiously silent on whether the performance was about anything. * And it was about something. A sitting Fed chair declined, on camera, to say whether he'd asked a colleague about an alleged ethics breach, and declined to name the source of $100 million of his own money. Republican Senator Rounds called Warren's questions “harassment” — so the fight over the frame was happening right there in the room. A headline that leads with “blasts” quietly picks the same side: the story is her volume, not his silence. * The Journal made the money the subject of the sentence. The hearing coverage made the shouting the subject. Only one of those framings can tell you where the $100 million came from — and it's the one that didn't trend.