Good times at WSJ too good to last

Former Wall Street Journal staff member David Ignatius writes in Thursday’s Washington Post that the good times at the paper in the 1980s and 1990s were too good to last and began to end more than a decade ago.

Ignatius wrote, “The Journal of the mid-1980s was a demonstration of the proposition that good journalism and good business go hand in hand. This was the decade of the Wall Street dealmakers, and the Journal had a managing editor (Norman Pearlstine) and reporter/editor (James B. Stewart) who went after them with the intensity of journalistic Gordon Gekkos. It was a tough, canny paper — whose front page each morning had more voltage even than the fiery editorial page.

“That balance began to change in the 1990s, after Pearlstine and his pal John Huey left for Time Inc. The Journal’s editorial page increasingly did its own reporting, with equal portions of journalistic hustle and ideological spin, and it often overshadowed the news side. I suspect that helped undermine the franchise. Advertisers, in the end, perhaps weren’t enthralled with a newspaper distinguished by vitriolic right-wing attack editorials.

“For Journal alumni, the past decade has been like watching a car wreck in slow motion. The people driving the car were our friends, the journalists we respected most. Now an ambulance of sorts, in the person of Rupert Murdoch, has arrived to pick up the bodies.”

Read more here.