The Washington Post's Howard Kurtz evaluates the news media's coverage of the presidential race and finds it bites.

A Project for Excellence in Journalism study found that 37 percent of media attention went to McCain, 21 percent to Mitt Romney and a scant 3 percent to Mike Huckabee (strumming Mitt out of the race, left).

Talk about betting on the wrong horse. Huckabee won five states -- which anchors and pundits treated as a stunning development -- and took Kansas and Louisiana on Saturday, while Romney abruptly dropped out.

Time and again, the media's preferred narratives for this campaign have collided with reality. Remember when journalists repeatedly declared that both nominations would be settled by Feb. 5? Scratch that.

Kurtz argues reporters "consistently overestimate the importance of money in presidential campaigns."

McCain was out of cash, and Huckabee never had any, so their chances were drastically downgraded. Romney gave his own campaign $50 million and his chances were constantly talked up.