If we have a press that is afraid to attack the rich and powerful due to laws that make it easy for them to be sued if they attack the wrong people that will have a massively chilling effect on Free Speech. Plus, this could effect every single conservative blogger and maybe even comments and vanities on Free Republic.
Attacking our enemies in the media is no reason to blow up the Constitution and our freedoms.
There needs to be middle-ground (corporations can’t engage in lies without the risk of being sued). The USA is being destroyed by a leftist press who if they get their way, the First Amendment will become meaningless anyway, in effect very soon under a President Clinton.