According to advertising revenues and circulation figures, MSM's the one living in the bubble and out of touch with mainstream America.
The MSM's bubble is known as 'inside the Beltway", and left wingers who live there show an elitist contempt for mainstream USA.
Victor Davis Hanson calls this alternate universe in the media and inside the beltway not a bubble but a boil, in National Review, "Lancing the Boil", January 6, 2006:
...For the last three years we have seen a carbuncle swell as the old Vietnam War opposition rematerialized, with Michael Moore, the Hollywood elite, and Cindy Sheehan scaring the daylights out of the Democratic establishment that either pandered to or triangulated around their crazy rhetoric. The size of the Islamicist/Baathist insurrection caught the United States for a time off guard, as was true also of the sudden vehement slurs from our erstwhile allies in Europe, Canada, and Asia. Few anticipated that the turmoil in Iraq would force the Syrians out of Lebanon, the Libyans to give up their WMDs, and the Egyptians to hold elections — and that all the killing, acrimony, and furor over these developments would begin to engulf the Middle East and threaten the old order.
In the face of that growing ulcer of discontent, we quietly kept on killing terrorists, promoting elections in Iraq, pressuring Arab autocracies to democratize, and growing the economy. All that is finally lancing the boil, here and abroad — and what was in there all along is now slowly oozing out, making the cure seem almost as gross as the malady.