A little less than two months ago, Americans noticed a balloon flying over the northern tier of our country. 

In the weeks that followed, we were treated to a spectacular, sometimes unhinged, sometimes hilarious obsession with lighter-than-air vessels, Chinese espionage, the cost of Sidewinder missiles, and, always, speculation about what it would all mean.

People like me who make a living analyzing the news were in high cotton in those days. Circumstances with few facts, and lots of demand for speculation are the sweet spot for the pundit class. When there isn’t much more to say about something fascinating that has happened, we turn to talking about what might happen. 

“How will this play out politically?”