UPDATED: 'The future of American journalism' has just been busted by the FBI

Oh. My. God.

The FBI, alleging a plot to wiretap Democratic Sen. Mary Landrieu's office in downtown New Orleans, arrested four people Monday, including James O'Keefe, a conservative filmmaker whose undercover videos at ACORN field offices severely damaged the advocacy group's credibility.

FBI Special Agent Steven Rayes alleges that O'Keefe aided and abetted two others, Joseph Basel and Robert Flanagan, who dressed up as employees of a telephone company and attempted to interfere with the office's telephone system.

No one could have predicted...

Of course, I'm looking forward to the right-wing conspiracy theories of entrapment, a Watergate-style enemies list and FBI tampering by the Obama administration, etc. Or maybe it was just a kid in over his head and looking for an encore -- and this was the only way he could think to come up with one.

UPDATE: Fox News -- fair, balanced, and very flustered: