The trouble with social networking / social media is there isn't any significant pre-publication editorial control, which means most often information isn't up to "journalism" standards. (And yes, I concede that even "journalism" standards may vary and at times be of exceptionally dubious standard).
The hard fact of the matter is that while social networking / social media makes it very hard to suppress inconvenient truths, it's also very hard to suppress flagrant fiction too. Overall, this makes social media somewhat unreliable as a replacement for more structured news media.
I really think we need both, and would see the demise of serious journalism via mainstream media structures as a significant loss to modern society.
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