Watching the 'New York Times' Self-Destruct

Gary North explains what is happening to the New York Times:

High school students do not read newspapers. Neither do most college students. A habit not picked up by age 20 is unlikely to be learned. My generation suffers from Picard's Syndrome: a psychosis that demands that you hold a bound printed book in your lap when reading. My children are as comfortable with a print-out as a bound book. They do not subscribe to newspapers.

Defenders of traditional journalism say, "Blogs can't replace newspapers. Bloggers just don't have the time or money to research stories." The argument is irrelevant if readers are not willing to buy products advertised in on-line newspapers that they refuse to pay money to subscribe to. The newspapers' staffers may console themselves with the mantra that the public just cannot do without them, but the downsizing is accelerating. They had better start blogs. They will need their own personal networks to find employment.

Decentralization is replacing the gatekeepers who have long controlled print media. Like law enforcement officers, reporters rely heavily on tipsters. Tipsters can get their jollies by sending their reports to a widely read website, blog, or portal site. They don't need the New York Times. Daniel Ellsberg needed the Times when he leaked the Pentagon papers a generation ago. He would not need the Times today.

The Daniel Ellsberg of today might be sending his tip to Instapundit,Talking Points Memo,Kausfiles,or Andrew Sullivan.These blogs don't have the arrogant attitude of the Times,claiming some sort heavenly objectivity.Speaking of the Times, check this stock chart of NYT.A new multi-year low taking out the low of $22.62.We will stay with our prediction: the Times will test $20.50 by the end of the summer.