The media exudes an aura of authority. They write and talk like they are experts and know-alls on whatever topic it is they are discussing at that moment. And many people refer to the media for their knowledge on many issues; how many times have you heard someone say “But I read it in the paper!”
Ramit at I will Teach you to be Rich documents some of the errors made by financial and business magazines in predicting which businesses that would succeed and fail. When these publications would be proved wrong, there would me no mention of their mistakes.
I’ve personally seen how the media can take events and either purposefully or irresponsibly change details or misreport it. That is the beauty of the blogosphere: now there is accountability. When the media uses altered photos in their reporting, the din from the protesting bloggers is so loud that it can’t be ignored. Same too with sensationalist reports on how and where to invest your money: people like Ramit don’t let the media get away with it.