10. Journalism is something but it isn’t everything. The last eight to ten years has seen dramatic decrease in journalistic resources just as journalism’s responsibilities have increased. The retreat and disempowering of the Securities and Exchange Commission, the Office of Thrift Supervision, the Comptroller of the Currency, Fed bank examiners under Greenspan, the Commodity Futures Trading Commission, the Justice Department, and other key federal agencies, piled more and more responsibilities on the press—responsibilities, I would argue, it did not recognize and was not culturally prepared to shoulder.

There’s more, but that’s enough for now.

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Dean Starkman Dean Starkman runs The Audit, CJR's business section, and is the author of The Watchdog That Didn't Bark: The Financial Crisis and the Disappearance of Investigative Journalism (Columbia University Press, January 2014). Follow Dean on Twitter: @deanstarkman.