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Is the press too big to fail?

Everyone knows this story, though fewer and fewer read it on paper.  There are barely enough pages left to wrap fish.  The second paper in town has shut down.  Sometimes the daily delivers only three days a week.  Advertising long ago started fleeing to Craigslist and Internet points south.  Subscriptions are dwindling.  Online versions don’t bring in much ad revenue.  Who can avoid the obvious, if little covered question: Is the press too big to fail?  Or was it failing long before it began to falter financially?

In the previous century, there was a brief Golden Age of American journalism, though what glittered like gold leaf sometimes turned out to be tinsel.  Then came regression to the mean.  Since 2000, we have seen the titans of the news presuming that Bush was the victor over Gore, hustling us into war with Iraq, obscuring climate change, and turning blind eyes to derivatives, mortgage-based securities, collateralized debt obligations, and the other flimsy creations with which a vast, showy, ramshackle international financial house of cards was built.  When you think about the crisis of journalism, including the loss of advertising and the shriveled newsrooms -- there were fewer newsroom employees in 2010 than in 1978, when records were first kept -- also think of anesthetized watchdogs snoring on Wall Street while the Arctic ice cap melts.

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