I went to hear Bill Keller, Executive Editor of the New York Times, give the annual Hugo Young lecture organised by The Guardian at Chatham House.
It was an analysis of the problems facing US newspapers, but ultimately optimistic about the future of serious journalism. He described the tone of public debate in the US as "nasty and divisive - nasty by design" describing polarisation as having been Karl Rove's specialty. Not helped, he said, by TV Shout Shows.
Newspapers were closing bureau and hollowing out reporting staff under the commercial pressures brought on them by the internet. But he was optimistic, he said, because of basic market principles: supply of what they produce (journalism) was diminishing while demand "has never been greater".
During questions I pushed him on this asking for evidence of growing demand for serious journalism. He cited Obama - "the audacity of hope" and pointed to NYTimes.Com's 17 million unique users. (Half from search, half direct). Accepting they weren't yet contributing to the costs of serious journalism he said pure print circulation figures (usually in decline) were not a proper indication of public interest in their content. But he offered no new business model.

He did however set out the difference between NYT journalism and bloggers, dismissing the utopianism of the "wisdom of crowds" model espoused by his "friend Jeff Jarvis".
With barriers to entry gone, business success would now belong to those who "moved up the value chain"
Professional news organisations had two major advantages over bloggers or social media.
Firstly, they could afford proper newsgathering, sending reporters around the world to find things out that would otherwise not be known. It took money and courage given the dangers facing reporters today. He decried those organisations which slashed bureau and foreign reporting. At the time of Saddam's fall there were 1000 foreign reporters in Iraq. Now there are about 50, he said.
Secondly, They had standards and accountability. His standards included the primacy of verification over assertion; the responsibility to correct errors when wrong - essential to credibility; transparency and clear attribution and the importance of explaining why anonymous sources were anonymous and the efforts made to verify their information. "Show our working" as his teacher used to urge. And the need to be agnostic as to where a story might lead - ie independence. Like doctors, teachers, lawyers, and judges in their professions, journalists had to set aside their personal views when it came to the news pages. They had to avoid the "hyperventilating advocacy" of blogs and, by implication, some of the Murdoch media.
Describing some of the stand offs against Presidents that the NYT had been through he contrasted a principled stand with the compromises of some internet companies in China and asked who you would prefer to be your window on the world.
He was self effacing, humble, acknowledged the mistakes the NYT had made but set out a confident defence of mainstream media. It could have done with a little more evidence and less assertion - but it was a speech, i'll forgive him. His comments won't meet with the approval or agreement of all, but it was refreshing to hear a major editor moving out of the defensive crouch and into a more confident and optimistic stance.
[Update: Full text of the speech available here. Jeff Jarvis responds here.]