In summary, to me the main problem with modern journalism is lazy acquiescence by journalists to power and money. I'll elaborate on that later with specific examples. Meanwhile, here's a funny example from today's news, together with an anachronistic illustration I made up.
President Lincoln granted an interview to a lazy reporter, of course reserving a right to approve quotations in any resulting story or he would bar his newspaper from all future White House press events. Here is the text which begins with what he actually said, and is marked up by White House staff into what was printed by the reporter, brackets indicate [deletions], and red indicates insertions:
[A long time] Four score and seven years ago [some folks started] our fathers brought forth on this continent, a new nation [to get out from under King George and to get rich], conceived in Liberty, and dedicated to the proposition that all men are created equal.
[This war has been a bitch] Now we are engaged in a great civil war, testing whether that nation, or any nation so conceived and so dedicated, can long endure. [They were godless, freedom-hating Rebs, but we beat 'em, Mission Accomplished.] We are met on a great battle-field of that war. We have come to dedicate a portion of that field, as a final resting place for those who here gave their lives that that nation might live. It is altogether fitting and proper that we should do this.