Musings on Newspaper Credibility

Frendo Muses on newspaper "credibility":

Frendo: Print Media Legitimacy: The argument that... in the printed media world, the existence of a printing press (or more broadly, the capital required to publish) establishes some level of legitimacy... is directly contradicted.... Entertainment magazines have high capital expenditures, but little credibility.... In fact, I would go one step further and argue that the New York Times has very little credibility. Economic journalism is pitiful. Brad Delong tends to attribute that fact to an unwise commitment to some nebulous concept of "objectivity." While I agree with that point, I don't want to downplay the role of ignorance. Journalists are not economists (nor are they scientists, doctors, or politicians). Thus, any journalist writing about these subjects is basically just producing a he said/she said column. Journalists have no independent expertise to verify the veracity of competing claims, and, as Delong points out, it is often termed unobjective to do so...

I find this inadequate. The Financial Times has no problem finding very good reporters to cover economics, finance, law, science, medicine, or politics. Something else is going on here.