A strongly worded that comes down hard on the mainstream press for a decline in public interest and advocacy journalism, using the poor coverage of the financial crisis as an example. The author doesn't take much time to lay out how journalists should change their behavior, especially with newspapers in such financial straits. General aim of the piece is well explained though.

This article comes down hard on the media’s complete abrogation of their responsibilities to America and to democracy. The role of journalism is to expose–by in-depth, hard–hitting investigation and honest reporting–the lies, coverups, and distortions of government. Not to willingly and fully participate in creating them. The reason I didn’t rate this article higher is that it ignored the media’s shameful Republican propagandizing in the last election.

This is interesting, well written and on the point commentary. The author makes a good point that is seldom if ever heard in conventional journalism. I wish it included concentration of ownership and other issues of change.

Could have added some suggestions as to what kind of bailout would be good, i.e. should there be ongoing funds and strings attached to protect the media from the dumbing-down of ad-based journalism?

It's an editorial, so not based on a lot of independent research. It's also a little one-sided/polemic. Still, an interesting point.