That’s been done with video feedback. Get into the arcane mysteries of the CC Time Blend FX plugin, you can make all sorts of psy fx including pretty realistic video feedback. It’s not AT ALL self-evident how to even make it do anything whatsoever so google some tutorials. You’ll need to introduce some noise and yeah probably some colorama as mentioned above, and some echo maybe?
In order to very slight scale/rotate each frame (which you’d need to do to get that kind of swirling feedback going) I found that I had to do weird workarounds because not all effects acutally work with Time Blend FX; I think when I tried it a while back I ended to having to do something like use a single-card ‘Card Dance’ effect because the basic Transform effect wouldn’t cooperate…?
Anyway yes Time Blend FX or just get a camcorder and point it at a tv.