That the establishment press despises New Media isn't exactly breaking news, but a lesser-known subset of that tension has just become more visible. As usual, an Old Media outlet is the smear merchant, and the New Media site has the upper hand on the truth.
Mainstream business journalists really despise the financial and economics blogs which puncture the insufferable "the economy is just fine" meme the financial wires have relentlessly foisted on us during the past seven years. When leading contrarian blog Zero Hedge had a recent fallout among its top authors, Bloomberg News sensed a chance to smear a site it has had to grudgingly recognize as a genuine competitor. Instead, the wire service committed the types of journalistic errors which explain why only six percent of Americans "say they have a lot of confidence in the media."