The mystery of the Cheney X has been solved. After downloading the torrent
from Crooks and
Liars there was an additional frame that was dropped from the original
Crooks and Liars
video and also from The
Political Teen’s slow-mo version. In this first frame, the X and the words
underneath appear in white. Very close examination of the words you can make all
of them out except for the first one:

“…begins after frames of black” (click for larger version)

That is a cue in that appears before a show starts. Sometimes you will see
the same thing on broadcast television. It is just telling the operator where to
stop the video at so it is ready to go when its time.

This should put to rest the Matt Drudge conspiracy theory that CNN was out to
get Cheney.

UPDATE: The Dan Report has some great pictures up that shows exactly what it says. The first word is “transition”.