The first few days of the IRS scandal that would consume Washington for weeks went like this: Conservatives were indignant, the media was outraged, the president had to respond, his allies turned on him … and only then, the Treasury Department’s inspector general released the actual report that had sparked the whole controversy — in that order. It’s a fitting microcosm of the entire saga, which has gone from legacy-tarnishing catastrophe to historical footnote in the intervening six weeks, and a textbook example of how the scandal narrative can dominate Washington and cable news even when there is no actual scandal.

While the initial reports about the IRS targeting looked pretty bad, suggesting that agents singled out tax-exempt applications for Tea Party and conservative groups for extra scrutiny, the media badly bungled the controversy when supposedly sober journalists like Bob Woodward and Chuck Todd jumped to conclusions and assumed the worst from day one. Instead of doing more reporting to discover the true nature and context of the IRS targeting, or at least waiting for their colleagues to do some, the supposedly liberal mainstream press let their eagerness to show they could be just as tough on a Democratic White House as a Republican one get ahead of the facts. We expect politicians to stretch reality to fit a narrative, but the press should be better.

And they would have gotten away with it, too, had their narrative had the benefit of being true. But now, almost two months later, we know that in fact the IRS targeted lots of different kinds of groups, not just conservative ones; that the only organizations whose tax-exempt statuses were actually denied were progressive ones; that many of the targeted conservative groups legitimately crossed the line; that the IG’s report was limited to only Tea Party groups at congressional Republicans’ request; and that the White House was in no way involved in the targeting and didn’t even know about it until shortly before the public did.

In short, the entire scandal narrative was a fiction. But it had real consequences, effectively derailing Obama’s agenda not long after a resounding reelection, costing several people their careers, and distracting and misinforming the public. It’s not that nothing went wrong at the IRS, but that the transgression merited nowhere near the media response it earned. But instead of acknowledging its error or correcting the record, the mainstream political press has simply moved on to the next game. Now that the emperor has been revealed to have no clothes, it’s worth looking back at what went wrong.