The blogosphere is often viewed as an alternative media source. But in reality it should be seen as a complement to mainstream sources, not a substitute. When it becomes a substitute people get confused over the different media. Some of the comments make this mistake all the time when they confuse a serious paper that has passed through peer review and published in an academic journal with online discussions and postings. These are radically different beasts.
It is also the case that mainstream media often has words of wisdome and arguments worth thinking about. George Will last night said after the debate that McCain lost his chance by not fighting against the bailout two weeks ago. I have argued the same thing since the VP debate. And in today's Washington Post, David Ignatius states clearly that "We are all Chinese now. That is, we have a nominally capitalist economy, but we don't trust the freewheeling private market when it comes to the crunch. So we turn to the government for protection and stability." Ignatus is making a different point with these words than I would, but he is spot on. Also in the Post, Peter Schiff tells the readers "Don't Blame Capitalism" and that while the crisis presents an opportunity of a lifetime for those who want to push for extensive regulation "to cage the destructive forces of capitalism" there are serious reasons to resist this push. "Absent from such conclusions," he argues, "is the central role the government played in creating the crisis."
I can imagine historians, political scientists, and economists discussing these issues for a generation to come. Lets home they get the story right.