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One of the sad things about contemporary journalism is that it actually matters very little. The world now is almost inured to the power of journalism. The best journalism would manage to outrage people. And people are less and less inclined to outrage.

I think people should be consumers of journalism.

In essence, I see the value of journalism as resting in a twofold mission: informing the public of accurate and vital information, and its unique ability to provide a truly adversarial check on those in power.

People are worried about what's going to happen to journalism - and they should be. Every day, the blogosphere is getting better and print media is getting worse; you have to be an idiot not to see that.

The fundamentals of what journalism is about don't necessarily change. What will change is the delivery of news.

The focus of entertainment is taking away from what the public needs as news. I think investigative journalism will always be important and always find its way, be it on the Internet or wherever.

There is a growing literature about the multitude of journalism's problems, but most of it is concerned with the editorial side of the business, possibly because most people competent to write about journalism are not comfortable writing about finance.

Think of it: television producers joining with newspapers to tell stories. It's journalism of the future. Advertising will follow the crowd - the 'crowd' being viewers and readers, of course, which could bring revenue back into journalism.

I care deeply about journalism, but we need to be a business.

Every newspaper editor says the heart of the paper is the reporter - which is true - except for the pay!