What made the Times' decision not to pursue this strategy particularly stupid was that it was, after all, 'America's newspaper of record', a role in which it justly reveled. But you can't hold that title while pandering to the political and cultural views of readers on the Upper West Side. And you can't claim "all the news that's fit to print" when you neglect to notice that an American soldier in Iraq just won the Medal of Honor. In the old days, if the Times didn't cover it, it didn't happen. That insulation is long gone: if the Times doesn't cover it, the blogosphere will -- and millions of readers will starting wondering about the judgment and biases of the New York Times.
Frankly, investors in the Times would be fools not to question the business judgment of the company -- and major shareholders, like Morgan, would be criminally irresponsible to their clients if they didn't start challenging the decisions of Times management -- or not read the "dual class" stock structure as a way for the Sulzbergers to not answer those questions.
If you surfed the Web yesterday you couldn't miss the fact that millions of folks out there were cheering the impending End of Times. I didn't. I want the Gray Lady to straighten out, clean herself up, and regain her old dignity. America needs an honest woman as its newspaper of record.