Worst yet to come for newspapers

The New York Times, the Boston Globe and the Washington Post are some of America's venerable democratic institutions. They are all in financial trouble, says the Philippine Star's Joe Katigbak:

Newspaper ad revenues in the United States have fallen 23 percent in the last two years and because of the recession 2009 may be the worst year yet, said an annual report on the health and status of American journalism. Some papers are in bankruptcy, others have lost three-quarters of their value and nearly one out of every five journalists working for newspapers in 2001 is now gone as a result of layoffs, pay cuts, downsizing and firings.

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