It is a dream of many in power to eliminate the free press. An active press investigates and reports directly to educated people. In the financial crisis there was clearly an echo chamber in which financial interests essentially made up news, which was then reported. The real issues were ignored.
This study from the Columbia Journalism Reviews documents the magnitude of the failure.
Here is the list of significant stories published by “the media” and their (lack of real) content.
Most major news outlets continue to be jokes with respect to investigative journalism. You might as well listen to infomercials or snake oil salesmen.