We’ve spent a lot of time, post-Enron, criticizing the flaws in the investment community’s gatekeeping activities. But I think we should also recognize what the Enron case tells us about the value of newspaper journalism. Maybe, in other words, we have underestimated the value of impartial, professionally-motivated, under-paid and overworked generalists in tackling the kind of information-rich, analysis-dependent “mysteries” that the modern world throws at us.

All of which, of course, points out the irony of what’s happening in the newspaper business right now. We are dismantling the institution of newspaper journalism precisely at the moment when it seems to be of greatest social value.
- Malcolm Gladwell: Enron and Newspapers

Millions of websites will aggregate what we do, syndicate it, link it, comment on it, sneer at it, mash it, trash it, monetise it, praise it and attempt to discredit it – in some cases all at once. But no-one will actually go to the risk and the expense of setting up a global network of people whose only aim in their professional lives is to find things out, establish if they’re true, and write about them quickly, accurately and comprehensibly. The blogosphere, which is frequently parasitical on the mainstream media it so remorselessly critiques, can’t ever hope to replicate that.

- Alan Rusbridger, editor of the Guardian

From the department of kicking the US mainstream media while it’s already down: it’s not unusual for US TV stations to run corporate product pitches as straight news items, according to a new report by a media watchdog.

Over a ten-month period, the Center for Media and Democracy found 77 TV stations guilty of airing video news releases (VNRs) created by PR companies for corporate clients.
- Fake TV News: Widespread and Undisclosed

What happens is that the news anchor stops talking about murder and mayhem on Main Street and cuts to a colleague who talks about a great new product by Acme Corp. The viewer has no reason to think that what’s on show is an advert.

The report finds that while videos were routinely altered to look as though they originated in-house, most stations failed to disclose their promotional nature.

Television newscasts—the most popular news source in the United States—frequently air VNRs without disclosure to viewers, without conducting their own reporting, and even without fact checking the claims made in the VNRs.

- Diane Farsetta and Daniel Price, Center for Media and Democracy

Yeah, the Kool-Aid does taste funny. Molly Ivins tears into the assumption that the newspaper business is dying because it isn’t delivering profits. Sure, there’s a steady decline in the industry over the long term. But profits are still happening. What’s killing newspapers is a mania for profits at any cost. Cut reporters and the space devoted to news. Profits will certainly go up. But then newspapers will certainly die. Which wouldn’t matter if newspapers weren’t fundamental to the creation of a well-informed citizenry.

Yeah, but – isn’t the growth of the blogosphere making up for this? And acting as an offshore balance to the power of the mainstream media? Please, don’t pass the Kool-Aid. Ivins is dismissive of bloggers – they don’t have the size, interest and skills needed to go out and gather news; they remain “opinion-mongers”:

No one should be allowed to write opinion without spending years as a reporter — nothing like interviewing all four eyewitnesses to an automobile accident and then trying to write an accurate account of what happened.

- Molly Ivins, Alternet

Give some of them time, Molly. Otherwise, good stuff. Particularly if you think that Rupert Murdoch assigning you a friend when you sign up for MySpace is mildly creepy, indicative of what lies ahead.

A profile of Jon Snow, Channel 4′s chief news anchor, in which he does some “thinking from the mouth” (and nothing about his taste in ties, thank the gimmick editor):

As a journalist I think technology where it advances communication is plus, plus. Technology that merely inflects whizzbangs of information I think merely tends to get in the way of it. I’m against virtual reality, for example, because I think there’s nothing virtual about the reality of the news. But I’m absolutely in favour of blogging, vlogging and podcasting. My only anxiety is that there genuinely is a limit to what the individual journalist can do without beginning to degrade the quality of what they do.

- Jon Snow, the Independent

I didn’t see any Westerners at all until my second day, when I contacted the acting bureau chief for an American paper who was staying in my hotel. As we were discussing the state of reporting in Baghdad and Iraq in general, he told me that I was a little late to the game. These days, more American reporters are leaving Iraq than arriving. In large part, for the U.S. press, “The party’s pretty much over.”

- Paul McLeary, embedded reporter, Iraq

We’re supposed to be the voice of the people, the truth-tellers and the ruler of accountability. But the blast walls between journalists in Iraq and the rest of the country grow higher as fear outweighs responsibility. I’m always told that no story is worth your life.

- Leila Fadel reported for the Knight Ridder Baghdad bureau