A profound transformation is happening here. The framers of our nation never envisioned these huge media giants; never imagined what could happen if big government, big publishing and big broadcasters ever saw eye-to-eye in putting the public's need for news second to their own interests. I approach the end of my own long run believing more strongly than ever that the quality of journalism and the quality of democracy are inextricably joined ... .

Democracy only works when we claim it as our own.

Hyperbole was to Lyndon Johnson what oxygen is to life.

Professionals give advice; pilgrims share wisdom.

We have to face the unpleasant as well as the affirmative side of the human story, including our own story as a nation, our own stories of our peoples. We have got to have the ugly facts in order to protect us from the official view of reality. Otherwise, we are squeezed empty and filled with what other people want us to think and feel and experience.

I've always thought the American eagle needed a left wing and a right wing. The right wing would see to it that economic interests had their legitimate concerns addressed. The left wing would see to it that ordinary people were included in the bargain. Both would keep the great bird on course. But with two right wings or two left wings, it's no longer an eagle and it's going to crash.

The most important thing the giant philanthropies could do - Gates, Rockefeller, Ford, Open Society Institute, and new ones emerging - would be to create a $2-to-$3 billion Trust for Independent Journalism. They wouldn't miss the money, and democracy would still have a fighting chance because of their investment.