Frankly, it's time for there to be "Journalism Police" when something like this comes up.
There should be a balanced (meaning a number of obvious liberals and the same number of obvious conservatives) group that takes stories with questionable quotes, obtains the name of the source from the journalist, and contacts the source to verify that he said what was written. Evetybody would have the same "source protection privilege" granted sources today. This should apply to print, radio/TV, and web media.
If the story or the quote was made up or taken out of context, the media outlet that promulgated it should correct the statement or story on the same page (or broadcast or web page) as soon as possible.
Pretty naive thought, eh? You know, the only people who would be against it are the libs.
There are fact checking groups already, but they can't check everything. The libs check the cons, and vice versa.