I think the main problem with the mainstream media (traditional media, old media, whatever you'd like to call it) is that they are obsessed with access. They suck up to politicians, celebrities, whoever else they think is important or powerful in order to gain access to them. And they compromise the truth to do so. That's their Faustian bargain
A secondary problem is corporate and conglomerate media, where the news organization is part of, and serves the needs of, a larger corporate entity. Both of these problems were highlighted in an interesting and unexpected case this week -- Tiger Woods coverage. Or in this case, the lack thereof.
Take a look at this video to see how the media trades truth, facts, reporting, etc. for access and larger corporate interests:
This is the system that must be challenged, We are given farce and facade instead of reality. It's time to change that equation. That is part and parcel of what we're trying to do with The Young Turks.