Is collapsing? It done collapsed a long time ago. Just ask CNN.
As for its previous standing? It was never that competent to begin with; not in the last 40 years. As for the last 20 years, the word incompetent comes to mind.
Who goes into "journalism"? Even as far back as the 50s the word elicited contempt and laughter. Here is a "profession" that required no knowledge whatsoever other than the ability to speak and write one's own language, something most intelligent 4-year-olds can handle with no formal education whatsoever.
Think of the gaffes in recent documovies: reversing latitude and longitude and being blissfully unaware of it.
Now, couple that with a tendency from these same Einsteins to manufacture facts if real ones don't come along, and doing it incompetently and you have our keystone-kops scenario.
Only difference is, these are becoming criminal acts. And criminal penalties should follow. Ignorance in combination with stupidity should carry serious jail time.
bump
..but, but, but.... you are not Dan Rather !
Sorry to echo Jim Lehrer, but the blogworld is changing the way news can be generated and packaged in fundamental ways. Rather is the biggest dinosaurs to be hit so far, but there can be little doubt that the oldline hegemony is in the crosshairs and headed towards extinction.